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Ethereum has started a pullback after a strong upward move. This pullback suggests the price could be consolidating before making another move. Ethereum might have found a bottom, though it’s not as clear as with Bitcoin.
If Ethereum can break above the previous high of around $3,750, it would strengthen the case for further upward movement. For now, more confirmation is needed to be certain about the bullish trend. In the short term, there are two possible scenarios to watch:
Continued Upward Momentum: Ethereum could have finished a significant upward move, although the last part of the rise seemed a bit extended. Despite that, the overall upward movement is still valid, and the price could continue higher if the support levels hold.
Potential Correction: It’s also possible that the recent rise is part of a larger correction pattern. If this is the case, the price could face more pullback before pushing higher again.
Key Support Levels to Watch
For Ethereum to maintain its bullish outlook, it needs to hold the support zone between $3,033 and $3,251. If the price stays above this area, the consolidation could be shallow, and we might see the price climb again. A break below these levels could signal trouble for the bullish trend.
If Ethereum manages to break above $3,480, which was the high from Wednesday, it could trigger a surge towards the $3,800 to $3,900 range. This would mean the continuation of the upward trend and possibly lead to even higher prices.
Given the current market conditions, Ethereum could experience a shallow pullback, which is typical in a bullish phase. If the price doesn’t fully test support and instead moves directly upward, it could signal that the next price surge is already beginning.