Ethereum retests previous resistance as support on the 4-hour chart, aligning with the 50 EMA and maintaining a bullish structure.
ETH trades at $4,414.86 with a daily decline of 4.83% as trading volume drops sharply by nearly 28% within 24 hours.
Analysts see $4,350 as a critical level; holding above may open the path for a retest of $4,600 in the medium term.
Ethereum price is currently trading near $4,414 after a daily decline of 4.83%. The market cap is recorded at $532.9 billion, while 24-hour trading volume decreased by 27.96% to $49.93 billion. The market now watches whether the $4,350–$4,400 support level can sustain momentum.
Retesting Support on the 4-Hour Chart
In the 4hr timeframe, ETH is re-testing old resistance now support. This pattern frequently acts as a springboard for future upward action.. The retest aligns with the 50 EMA, creating a notable technical confluence.
A post from Alpha Crypto Signal on X noted that the RSI indicator shows momentum while staying neutral. This suggests the market still has space for an upside move. Buyers stepping in around this level reflect an accumulation phase instead of broad selling.
The recent candlestick structure shows demand returning after the pullback. In case Ethereum trades above this zone, analysts believed that there could be news of a potential move to hit $4,600. The decisive breakdown of this level, though, would provide room to a deeper retracement.
Market Data and Short-Term Weakness
According to CoinMarketCap, Ethereum dropped by $4.83 in one day and currently trades at $4,414.86. The extreme drop in the trading volume indicates the withdrawal of liquidity following the recent rally.Resistance at $4,642 proved firm, preventing further upside momentum.
Despite this pullback, Ethereum maintains a healthy market-to-volume ratio of 9.56%. This shows that the market is not experiencing panic selling. The retracement instead appears to be a controlled correction following profit-taking.
Analysts with long market experience view such retracements as normal within bullish cycles. Controlled declines often prepare the ground for renewed accumulation and potential continuation. Hence, stability above $4,350 remains a critical pivot.
Long-Term Structure Remains Constructive
The supply of Ethereum currently amounts to 120.7 million ETH. . The network continues to maintain strong fundamentals following its post-merge changes. The burn mechanism reduces net issuance, supporting Ethereum’s long-term structural case.
While the short-term chart shows weakness, broader conditions remain favorable. Liquidity is steady, on-chain activity is strong, and supply dynamics support resilience. These elements are still supporting the overall bull story.
Market strategists say if Ethereum holds the present support, it might discover the bottom once more of $4,600. However, a dip below $4,350 is expected to post further losses toward $4,200, stopping any upward momentum.
