Ethereum continues to show its strength, currently trading at around $4,670, nearing the midpoint of its upward channel. The market has maintained a steady recovery since late September, but signs of local fatigue are beginning to appear, indicating a potential short-term pullback before a new rise.
Technical Analysis
Daily Chart
On the daily timeframe, Ethereum remains steady within its ascending channel structure, supported by its 100-day moving average near $3,900 and its 200-day moving average near $3,000. The price is approaching the resistance area at $4,800, a key level that has capped highs repeatedly over the past two months.
The Relative Strength Index (RSI) has also risen to 62, reflecting good momentum, even if it has not yet reached overbought levels. A breakout above $4,800 could pave the way for a test of the psychological level of $5,000 and beyond, while failing to maintain current levels may lead to a retest of the lower boundary of the ascending channel, and even the critical demand area at $4,000, which it will be essential for investors to hold in order to maintain the bullish market continuity.
Ethereum Price Chart 0710251
The four-hour chart
The four-hour chart shows an early bearish divergence between the price and the Relative Strength Index, indicating weakness in momentum as Ethereum tests the main resistance area between $4,700 and $4,800. However, a small bullish Fair Value Gap (FVG) has formed near $4,600, which may attract a correction and short-term support before continuing.
Ethereum Price Chart 0710252
If buyers defend this gap and regain control, the next bullish target will remain at $4,800. However, losing this level could lead to a deeper correction towards $4,200, where a strong demand area and the neckline of the recent inverse head and shoulders pattern lie.
