Ethereum Rebounds from Fibonacci Level Eyeing $3700

FxNews—Ethereum prices bounced from the 38.2% Fibonacci retracement level at $3,033 after it filled the bullish fair value gap. As of this writing, the ETH/USD trades at approximately $3,375, testing the November 12 high.

Ethereum Rebounds from Fibonacci Level Eyeing $3700
Ethereum Rebounds from Fibonacci Level Eyeing $3700

The Ethereum trend outlook remains bullish as long as the prices exceed $3,033. The next bullish target in this scenario could be the July 22 high at $3,540. Furthermore, if the buying pressure is consistent, the bulls’ path to $3,700 will likely be paved.

Please note that the bullish outlook should be invalidated if ETH/USD drops below the 38.2% Fibonacci.

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