If bulls capture the $1,900 level and manage to keep the rally going, the next step for ETH would be a move toward the $2,100 level as positive momentum will accelerate.

This will also mean entering a low-volume zone where bulls could push the price higher and higher for weeks without encountering significant resistance.

Based on historical patterns, ETH has always rallied strongly once it has stepped out of oversold levels in the Relative Strength Index (RSI). This happened earlier this month and the price rapidly stepped out of consolidation, so momentum is in favor of bulls.

The baseline scenario is that ETH will retest its former trend line support from below before risking another big downtrend like the one we have seen since December.

Market sentiment has improved significantly in just two weeks as the Fear and Greed Index moved from a record-low of 15 to 53, meaning that investors now have a Neutral attitude despite some lingering headwinds that could still cause significant headaches to investors down the road.