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The ETH monthly chart has reached the Fibonacci Retracement 38.2% level. If a pinbar forms by the end of this month (providing technical confirmation), there is a strong likelihood of a rebound to the Fibonacci Retracement 61.8% level at 3397 next month. The weekly chart indicates that it first needs to test the resistance level at 2850. Given the current weakening trend of the US dollar, it seems plausible that the price can reach 2850. However, for the target of 3397, we must monitor next month’s US employment data, as it will influence the dollar's trajectory and, in turn, the potential for non-dollar assets to achieve new highs.
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ETH is currently in a demand zone, which could attract long traders and potentially lead to the formation of a bullish signal soon.Downside Support: $2,031.39 (Weekly SMA 200 line, 38.2% Fibonacci Retracement level)Upside Resistance: $2,850
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