Ethereum stands firm at a key position, is 3859 within reach?
ETH has just accomplished a very crucial task:
Successfully stabilized at 3524!
This position is the core resistance level that bears have repeatedly pressured over the past week. Now it's underfoot, bulls have regained a point, and the pattern is signaling a reversal.
Two signals indicate that the rebound is brewing:
1. Market sentiment reversal:
Originally, accumulation rates were declining, and buying pressure was weak, but after stabilizing at 3524, confidence in the market began to recover. Although the data has not shown a significant increase in volume, price stability equates to a restoration of confidence.
2. Clear technical targets:
The upper short pressure has basically been cleared,
The next potential target: 3859
This is the area of concentrated trading before the significant drop in July; once reached, it may attract more trend funds back.
If strong short-term fluctuations do not break 3524, a direct challenge to 3859 is expected.
If it retraces to 3524 and does not break, it will be the starting point for a second attack.
If it breaks below 3524 with increased volume, beware of false breakouts leading to a counterattack.
Currently, ETH has strongly returned to an active range; technically, it has regained an upward structure.
But do not forget, this rebound still relies on confidence to go further, and it must be confirmed with increased volume.
Next target: 3859 is not a dream, the key depends on the follow-up funding strength in the next two days.