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Ethereum’s price is currently moving within a key price channel, maintaining a bullish trend as it holds above an important support zone. However, at the time of writing, Ethereum has declined by more than 9% and is now trading below $3,350. Ethereum’s 1-month high is at $4,098.29, while the 1-month low is $3,103.37, showing the current range within which Ethereum has been trading.
According to experts, a break below $3,540 could signal the end of the bullish momentum and favor a bearish scenario. In this case, Ethereum could experience a correction, with support levels between $2,400 and $3,160. If these levels hold, Ethereum may be able to recover and move higher. If the price continues to rise from here, the bullish Scenario would gain strength, and Ethereum could potentially reach $4,000 or more.
A Look At The Technicals:
Currently, the price action is stuck near the 3-standard deviation resistance at $3,620.49, which indicates a significant barrier to further upward momentum. Additionally, the 3-10-16 day MACD moving average has stalled around $3,613.10, signaling potential indecision in the market.
Analyst Weighs In
Analyst Josh of Crypto World said that Ethereum is currently forming a potential bullish pattern called an inverse Head and Shoulders on the weekly chart. However, this pattern is not yet confirmed. To confirm it, Ethereum needs to break above the $4,000 to $4,100 level with a weekly close. If that happens, it could set a price target near $7,000, offering a major trading opportunity.
Right now, Ethereum is trading in a range. The resistance is between $3,900 and $4,100. For the short-term trend, the analyst said that Ethereum appears more bullish than bearish as it is making higher lows and higher highs, and has recently broken above a key resistance level.