Ethereum's price has dipped below $4,200, sparking concerns about a potential short-term correction or deeper pullback. Here's a breakdown of the current market situation:
Key Levels to Watch
- Support Zone: $4,150 is the immediate line of defense. If this level holds, Ethereum could rebound and retest the $4,788 resistance zone.
- Resistance Zone: $4,788 (all-time high zone)
- Downside Risk: A decisive break below $4,150 could lead to a drop to $3,900, which aligns with higher timeframe support.
Technical Indicators
- Current Price: around $4,190
- Technical Pattern: Ethereum is moving within a falling channel, indicating short-term corrective pressure.
- Momentum Check: Short-term structure is bearish, with lower highs and lower lows.
- Bullish Reversal Trigger: A breakout above the falling channel could flip momentum back in favor of the bulls.
Market Outlook
Ethereum is at a critical juncture. If support at $4,150 holds, a rebound toward previous highs is possible. However, if Ethereum breaks lower, traders should be prepared for a move toward $3,900. The next few sessions will be crucial in determining Ethereum's trajectory.¹ ²
Current Price: $4,097.53 (according to MEXC) or $4,103.72 (according to CoinGecko)
Market Cap: around $494.60 billion (according to MEXC) or $501.74 billion (according to CoinGecko)
24-hour Trading Volume: around $662.85 million (according to MEXC) or $40.81 billion (according to CoinGecko)³
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