$ETH - As I highlighted in one of my latest alerts, the price has broken above the 2D Bull Market Support Band, which has been a strong reversal point over the last couple of months, and above the lost high-timeframe support range marked in purple, sitting at $2.1K.

Because of this, I have scaled out of my hedges and I’m gradually starting to rotate the capital back into my spot holdings in order to position myself for a more durable continuation to the upside.
As long as the price stays above the support band, I believe that the most likely outcome remains further upside.
However, an important test will be the lost high-timeframe support range marked in green, sitting at $2.7K, which I believe could act as a rejection point.
In the short term, I expect the price to retest the 2D Bull Market Support Band before a more durable move to the upside.
Once the price approaches the $2.7K level, I will be ready to hedge part of my spot holdings again in order to mitigate the short-term downside risk, as I believe we could see a rejection there on the low-timeframes.