Ethereum Price Prediction: ETH attempting to revert Monday bearish action

• The price of Ethereum surged higher over the weekend.
• Ethereum bears will be looking to cover the gap in price action as it approaches $3.391 with another dip towards $2.819.
• Bulls will use the monthly pivot to keep prices elevated at $3,251 a month.

Ethereum (ETH) price has advanced further on the weekend, with bears retreating after resuming risk-on sentiment. With ETH’s price dropping to $3,391, the price is beginning to waver slightly to the downside. After the bears’ attempt to go for the gap for it to fill toward $3,018. Bulls will rely on the monthly pivot to keep prices elevated at $3,251.

Ethereum price action is trading inside a descending channel with resistance at the 100-hourly SMA and support seen around $3,018. ETH bulls made another push toward resistance during Monday’s Asian session, where they were turned back near $3,391. A session before experiencing the pullback. Ethereum price made another push toward the top of this descending channel during Tuesday’s session. Where the bulls found resistance at $3,391.  Further support is seen near the gap between the high recorded on February 22 and a minor swing high around $3,018.

ETH/USD price action remains bullish as long as there is no weekly close below the conversion line at $2,938, while a weekly close below this level will see ETH bulls attempt to take out support around $2,640.

Ethereum Price Prediction: Bulls appear to have the upper hand in Ethereum prices

Ethereum (ETH) was burning up the charts this weekend, with a 9% increase in Ethereum price action during the Asian session on Saturday morning. On Monday, though, sentiments appear to be shifting against ETH bulls, with Ethereum price falling below $3,391. ETH is seeking support at the moment, but bears may try to push further for a gap-fill.

The bulls will resume their push forward when they reclaim the $3,300 to $3,350 barrier. During this time frame, the price of ETH will be supported by bulls’ ability to close a gap fill attempt by bears. With the 55-day SMA at $3,290 and the monthly pivot at $3 for Ethereum bulls.

ETH/USD daily chart by TradingView

The bulls should be using both methods. A gap fill would not be harmful because it would eliminate many ETH bears seeking short-term gains at $3,018. When the level is hit, bulls will enter full force and begin pushing ETH price action up toward $3,391 again. Even a more extreme overrun will enable Ethereum price to escape the range and possibly head toward a retest of major resistance at $3,700.

Ethereum Price Prediction: What to expect?

If the 55-day SMA and pivot do not hold, look for the gap to be filled. With that gap filled, bears looking for a catalyst would have a difficult time finding one in ETH price action. Expect an additional tailwind from worldwide markets to repeat last week’s negative trend, which might bring price action back toward $2,695.

Ethereum price action will be aiming for the gap fill. If that happens, ETH bulls would have successfully pushed ETH price action out of its range and created a higher high at $3,391.