Ethereum price revisited the $3,640 support floor for the third time on December 31, 2021, triggering a 5% ascent to where it currently trades - $3,800. Unlike the big crypto, ETH is comfortably trading above the 200-day SMA.
A potential spike in buying pressure is likely to propel Ethereum price to retest the $4,113 resistance barrier, coinciding with the 50-day SMA. This run-up would constitute an 8.4% ascent and is likely to see the short-term upswing capped.
If the buyers continue to pile on the bid orders, ETH might slice through the said hurdles and make a run for the $4,435 ceiling, representing a 16% gain.
In some cases, Ethereum price might revisit the $3,640 barrier before heading to the immediate resistance barrier. A breakdown of this level, however, will lead to a retest of the December 3, 2021 swing low at $3,456, where buyers have another chance to restart the uptrend.
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