Ethereum is presently experiencing pressure within a descending channel, stabilizing after its recent surge. With $4,150 serving as crucial support, ETH appears to be gearing up for a rebound towards the $4,788 resistance and all-time high area.
ETH Remains Firm Near $4,190 As $4,150 Support Is Tested
Ash Crypto, in his latest Ethereum 4H chart evaluation published on X, noted that ETH is currently trading around $4,190, remaining slightly above the essential $4,150 support region. This level has been functioning as a significant barrier for price movements.
He further remarked that Ethereum’s price trajectory is unfolding within a descending channel, a formation that usually suggests short-term corrective pressure. This follows the robust upward movement witnessed earlier this month, indicating that the market is presently experiencing a pause and consolidating profits before determining its next significant direction.
The analyst mentioned that if purchasers can sustain the $4,150 support, ETH might gain enough vigor to make an attempt to break out of the channel. Such a development could set the stage for a retest of the $4,788 resistance point or the all-time high area. A successful advance beyond this zone would likely stimulate renewed bullish enthusiasm and potentially prolong the larger uptrend.
Conversely, if the $4,150 level succumbs to ongoing selling pressure, Ethereum may endure a more profound retracement. The subsequent strong support is found around $3,900, a level that corresponds with higher-timeframe support zones. This renders it a pivotal area for bulls to uphold, as failure to maintain this could alter market sentiment and indicate the onset of a more extended correction.
Ethereum’s Future Movement Relies On Key Price Levels
In his analysis regarding Ethereum, Ash Crypto underscored the significance of momentum and essential levels to monitor closely. He pointed out that ETH is currently trading within a short-term bearish configuration, marked by a series of lower peaks and troughs on the chart.
Despite this temporary frailty, Ash emphasized that a breakout above the descending channel would represent a substantial change in momentum. Such a movement would convert the current bearish stance into a bullish one, indicating the potential for renewed upward pressure and a possible continuation of the broader uptrend.
On the downside, the most crucial support remains at $4,150. If this level fails to hold, the next strong support can be observed at $3,900. For the upside, the resistance to monitor is $4,788. A successful retest and breakout beyond this threshold would likely affirm a strong bullish reversal, paving the way for ETH to venture into uncharted territory.
