Ethereum Holds Key Support – Analyst Doubts Bears Can Defend $4K Anymore
Ethereum has been trying to recoup the $2,800 level in a few days, but the bears continue to exert sales pressure to keep prices below this critical resistance. Still, demand is strong, with the Bulls successfully taking ETH to the critical $2,600 support level. The short-term outlook for ETH remains uncertain as investors speculate whether the current merger phase will lead to a breakthrough or further decline.
Related Readings
Still, growing sentiment suggests that Ethereum may recover soon. Top analyst Jelle shared a technical analysis on X that shows ETH recently took a low, retested the key trend line, rebounded key support, and maintained the 200-week exponential moving average (EMA). According to Jelle, this confirms that the upward structure remains intact, which suggests that ETH still has bullish potential.
Although price action remains sluggish, Yell’s analysis highlights that Ethereum is still maintaining a critical level, which could lead to a strong forward. If ETH recovers $2,800 In the next few days, momentum may move towards a push of more than $3,000. However, if sales pressure continues and ETH loses $2,600, a more in-depth review may be made. At the moment, patience is key, as Ethereum hovers around key technical levels.
Potential recovery phase of Ethereum price signal
Ethereum has been trying to recover from the $2,800 level over the past few days, with the Bulls working to confirm the return to higher supply areas. Price action remains uncertain as investors keep a close eye on to see if ETH can surpass this resistance or if selling pressure will be reduced. Continuous volatility puts traders on the edge, with some concerns that Ethereum may continue to decline further, testing lower support levels before any potential recovery.
Related Readings
Market sentiment is still split, one party hopes for a long time to merge or further correction, while the other party believes that ETH is on the verge of breaking through. Analysts believe Ethereum is at a critical moment and its short-term trajectory can be defined in the coming days.
Jelle’s technical analysis Explained that ETH’s recent price action has taken over previous lows, retesting the key trendline and maintaining an exponential moving average (EMA) over 200 weeks are all good signs. Despite the slow price, the uptrend structure remains intact, Jayle said. He admits that this is probably one of the slowest uptrends Ethereum has ever experienced, but he still sees bullish momentum.
Jelle also doubts whether the Bears can defend the $4,000 level again if Ethereum gains power. As ETH continues to maintain critical support levels and attempts to recoup $2,800, the breakout could lead to major rally in the coming weeks. Investors are advised to keep patients as Ethereum is experiencing this critical stage, with many closely following potential trend confirmations.
ETH test short-term supply
Ethereum is trading at $2,805, trying to keep that level and push up to confirm the recovery of the rally. The Bulls are trying to build support in this key price zone, aiming to restore momentum after weeks of integration. Prices are just 7% from the key $3,000, just above the 4-hour moving average of 200 people. An interruption above $2,950 and a successful holding above this level may trigger a positive bullish recovery, pushing ETH to higher resistance levels.
However, if Ethereum fails to hold more than $2,800, the bullish momentum may weaken, leading to another round of sales pressure. In this case, ETH may return to the $2,600 demand zone, or even lower. This level was previously strong support, while the lost level could indicate further downside risk.
Related Readings
At present, Ethereum is still at a critical point and the Bulls must step up their efforts to maintain short-term strength. Breakthroughs beyond resistance may spark optimism among investors, while failure to maintain current levels may lead to market uncertainty. All eyes are focused on ETH being able to restore and consolidate the above key resistance levels to determine its next major move.
Featured images from DALL-E, charts from TradingView
