Ethereum price structure remains bullish while the price holds above $3,546 with weekly closes in range.
The key target for the next move is $4,104 and buyers may step in early if momentum holds steady.
Traders are watching the yellow box zone between $2,850 and $3,200 as the last strong demand area.
Ethereum (ETH) is trading above $3,546 with price action targeting a new high of $4,104.30, supported by recent structure strength. On the three-day chart for ETH/USDT via Bitstamp, the price maintains an uptrend after rebounding from a yellow demand zone. Market watchers view this zone as the final support before continued upside momentum.
https://twitter.com/eliz883/status/1951401921090068618
Analyst Eliz shared the macro view on X, noting that price weakness may only return if ETH closes below the yellow box on the weekly. Until then, traders see the current zone as an opportunity to add to spot ETH positions. The last retest confirmed strength, and ETH continues to climb within a clearly defined range.
Could Ethereum maintain strength and break the $4,104 barrier without revisiting the yellow box zone for support?
Yellow Box Zone Anchors Momentum While Bulls Target $4,104
The yellow box drawn on the chart spans a previous multi-week consolidation area, acting as both support and accumulation. ETH’s move from that zone to above $3,546 marks a bullish shift in trend structure on higher timeframes. As long as price trades above this level, sentiment remains bullish.
The next key target is $4,104.30, a historical resistance level that aligns with previous failed breakout attempts in early 2024. Multiple rejections occurred near this level, but current momentum suggests a possible breakout if demand continues. The chart’s structure implies ETH could consolidate before attempting the final leg up.
Trader responses on X reflect cautious optimism, with some stating positions may only change direction after $4K is reached. Eliz stated clearly that “an opportunity to add spot ETH will hit a new high” if the structure remains intact. Comments noted that prior line references placed support near $3,200 and $3,450 before the recent breakout.
$3,546 Holds as Support With $1,875 as Last Structural Base
The three-day chart shows ETH formed a solid base around $1,875 earlier in the year, from where the latest rally began. This price floor has not been retested since May and remains a deep structural support in the macro view. A return to this level would indicate a complete trend reversal.
The level at $3,546.10 now acts as the primary horizontal support zone in the current cycle. Traders are watching closely for any signs of weakness near this range, especially if volume drops. A fall below this level could bring ETH back into the yellow zone, signaling short-term caution.
The red line marked at 0.75 (likely a retracement marker) may also act as a minor support in case of near-term pullbacks. However, as long as price remains above this marker, bullish positioning is favored. The market structure continues to suggest that new highs are possible if $3,546 holds firm.
Weekly Closes Will Determine Strength or Weakness Into September
Eliz noted in the macro update that only a loss of the yellow zone on the weekly chart would change the trend to bearish. This zone, spanning roughly from $2,850 to $3,200, has absorbed prior sell pressure and enabled the most recent move upward. Weekly candle closes above this range remain critical.
The market is expected to remain constructive as long as Ethereum closes weekly sessions above this yellow accumulation block. Previous cycles saw similar structures play out with a new high after consolidating above critical zones. The importance of time-based confirmation remains central in assessing trend reliability.
If Ethereum reclaims and holds above $4,104, the next psychological level of $4,400 could come into view. Until then, traders are reacting to each weekly close while maintaining positioning based on the structure and volume response. Ethereum’s price continues to follow a structured and technically supported trajectory.
