Jelle stated that Ethereum has effectively completed a retest of its 50-day EMA average. According to the analyst, the cryptocurrency’s value has the potential to soar to unprecedented levels once it manages to surpass the $3,700 mark. The 50-day Exponential Moving Average (EMA) holds a crucial role in technical analysis, offering insights into possible price fluctuations. Unlike the Simple Moving Average (SMA), the EMA places more emphasis on recent data, making it a valuable tool for identifying trends and determining optimal entry and exit points for trades.