Ethereum ($ETH) approaches critical resistance – The historic high is not far away!
Current price: $3,790
Daily change: +1.48%
📊 Key observations:
Bullish breakout: ETH has confidently emerged from a long-term downtrend (marked by the red diagonal), signaling a shift from a bearish to a bullish structure.
Bullish momentum: Weekly candles are large and green — buyers dominate, and volumes confirm the strength of the movement.
Current resistance zone: $3,800–$4,000 — a historically significant area where reversals have previously occurred. A short-term pullback or consolidation may happen here.
📈 Key resistance levels:
$4,000 — Psychological barrier and nearest supply zone
$4,800 — Peak level of the previous cycle
$5,600 and $6,400 — Potential targets in case of new historical highs
🛡️ Support:
$2,900 — Key zone above which the bullish scenario remains intact
Below $2,900 — The idea loses strength, a return to the bearish range is possible
📌 Conclusion:
Sustained growth above $4,000 will pave the way to $4,800 and possibly to new historical peaks. Watch the price reaction in the $3,800–$4,000 zone: it will determine the short-term fate of the movement.