Ethereum bounced from $4,107 support, with analysts expecting a retest of $4,800 highs.
Trading volume dipped 8.57%, but market demand stayed strong as ETH held above $4,250.
Analysts suggest ETH’s recovery could trigger a massive run across the altcoin market.
Ethereum recorded a massive bounce upwards from its first identified region, giving a very strong signal on the chart. With this move, it is very likely the market will test the previous highs again. Analysts also suggest that altcoins are preparing for a potential massive run following Ethereum’s recovery.
Ethereum Price Recovery and Support Levels
Ethereum climbed to $4,346 after bouncing strongly near the $4,107 level, which had been marked as a short-term support zone. According to analysis prepared by Michael Van de Poppe, the recovery from this region showed strong market demand and renewed buying interest.
https://twitter.com/CryptoMichNL/status/1958287887604036001
The price action followed a sharp retracement from $4,800, with consolidation later forming around $4,250 to $4,300. Market structure confirmed support at $3,941, with a deeper downside possibility near $3,600 carrying a 30% probability. If broader market weakness emerges, historical demand remains strong at $2,630.
Trading activity confirmed the strength of the bounce, as Ethereum defended gains through multiple green candles across afternoon and evening sessions. According to CoinMarketCap data, Ethereum traded at $4,296.96, showing a 1.66% increase for the day, while market capitalization reached $518.67 billion.
Broader Market Activity and Altcoin Outlook
The daily trading volume was reported at $45.62 billion, though this marked an 8.57% decrease compared to prior sessions. However, the steady climb in Ethereum’s price reflected sustained demand despite lower turnover. Circulating supply remained unchanged at 120.7 million ETH, aligned with the total supply.
Chart activity showed that Ethereum’s price growth from $1,000 to peaks above $4,800 came with matching rises in trading volume. According to an observation by Coinglass, surges in volume frequently exceeded $150 billion, especially during major rallies.
Market participants are closely monitoring Ethereum as the bounce may extend toward testing the $4,800 range again. Analysts note that this recovery could act as a catalyst for altcoins, with expectations of stronger market participation across the sector.
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