$ETH price analysis
On the daily chart, Ethereum has been trading within an ascending parallel channel since late June, characterized by higher highs and higher lows within two upward-sloping trendlines. This structure typically signals a continuation of the prevailing bullish trend, provided price remains confined within the channel.
As of press time, Ethereum was consolidating near the midline of the channel, suggesting a period of equilibrium between buying and selling pressure. Notably, the token continues to trade above the 20-day exponential moving average, a sign that short-term momentum remains in favor of the bulls.
Additionally, the Supertrend indicator has flipped green and positioned itself below the price, offering another bullish confirmation.
Meanwhile, the Relative Strength Index has dropped to a reading of 60, indicating that bullish momentum persists, but without entering overbought territory. This suggests that Ethereum still has room to advance before facing buyer exhaustion.
If bullish momentum continues, the next major upside target lies at $5,200, which represents a 10% gain from the current level and marks the upper boundary of the channel. A breakout above this level could accelerate further gains, particularly if accompanied by strong volume.
On the downside, immediate support is found at $4,349, a level that aligns with the 78.6% Fibonacci retracement of the most recent upward swing.A break below this level would invalidate the current pattern and could trigger a deeper correction toward the lower boundary of the channel.
