On the 4-hour Ethereum (ETH) chart, we can see that after a strong rally from the $3,700 – $3,900 zone (the green box acting as a key support), the price has entered a corrective and sideways phase.
1. Overall Trend
- The main trend remains bullish, as the market continues to form higher highs (HH) and higher lows (HL).
- After breaking above the $4,200 level, ETH experienced a sharp rally that pushed the price close to $5,000.
2. Price Patterns
- In the mid-section of the chart, a Rising Wedge pattern formed, which was broken to the upside and triggered a strong bullish move.
- However, after reaching the $4,900 – $5,000 resistance zone, selling pressure increased and ETH entered a deeper correction.
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3. Key Support & Resistance Levels
- Major Resistance: $4,800 – $5,000, which has twice rejected the price.
- Short-term Support: $4,300 – $4,400, where the price is currently consolidating.
- Key Mid-term Support: The green box around $3,700 – $3,900. Losing this zone could signal a potential trend reversal and deeper decline.
4. Possible Scenarios
✅ Bullish Scenario:
If ETH holds above the $4,300 – $4,400 support, buyers may attempt another push toward $4,700 – $4,900. A breakout above this range could open the way to $5,200.
❌ Bearish Scenario:
If the $4,300 support fails, selling pressure may intensify, targeting $4,000 first and then the $3,700 zone.
5. Conclusion
Ethereum has cooled off after a strong rally and is now testing a crucial support level. Traders should closely monitor the $4,300 zone, as holding above it would keep the bullish trend intact, while a breakdown could trigger a deeper correction.
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