Alright team, let's break down this juicy $ETH chart and see what's cooking after the recent market turbulence. The weekly perspective offers incredible clarity.
Technical Analysis
Ethereum is undergoing a much-needed cooling period, but zoom out! The 1W chart shows a robust, multi-year ascending trendline acting as dynamic support. Price is currently sitting directly on this critical line near $2,800. A successful bounce here confirms the macro bullish structure and signals the continuation of the uptrend. Key horizontal support lies lower at the $2,128 level, which must hold if tested. The primary target resistance for the next leg up remains the previous swing high region near $5,396.
Fundamental Strength
On the fundamental side, Ethereum remains unstoppable. Excitement is building around potential Spot ETH ETF approvals in major markets, which would introduce massive institutional liquidity. Furthermore, the Dencun upgrade significantly improved Layer 2 efficiency, driving massive ecosystem activity and fee burns, contributing heavily to ETH's deflationary supply dynamics.
Action Plan
This technical retest combined with strong fundamentals provides an ideal entry or dollar-cost averaging (DCA) opportunity. Expect strong buyer support to emerge at this trendline for a push towards $4k and beyond.
Highly recommend HOLD and Stacking $ETH at Binance
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