ETH Analysis and Updates 🚀
After pumping for 3 consecutive days, Ethereum is currently undergoing a retest and is now sitting on its trendline support area on both the 1-hour and 4-hour charts. However, at this point, there are two major resistances standing in Ethereum’s way. If ETH manages to break through them, the next target will likely be between $3,500 to $4,100.
According to the 1-hour and 2-hour charts, ETH has support from the trendline, but at the same time, it's facing horizontal resistance and trendline resistance from a bull flag pattern, which it must break through. As long as Ethereum remains below $2,960, there’s a higher chance it could drop to around $2,800. This level could be retested because it previously acted as a strong resistance before the current pump. Now, it may serve as a key support level.
For the market to continue its upward move, this $2,800 level should be retested, as it could lead to a strong bounce for Ethereum. On the weekly chart, a closing above the $2,820 level is crucial for further continuation. If that happens, we can expect more upside movement for Ethereum, InshaAllah.
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