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Ethereum Holds Key Support – Analyst Doubts Bears Can Defend $4K Anymore
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Ethereum Holds Key Support – Analyst Doubts Bears Can Defend $4K Anymore

Sebastian Villafuerte
Sebastian Villafuerte
4 months ago
3 mins read
Bitcoin Retail Investors Hold Back As Whales Drive The Market – Insights

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Ethereum has been attempting to reclaim the $2,800 level for days, but bears continue to apply selling pressure, keeping the price below this key resistance. Despite this, demand remains strong, with bulls successfully holding ETH above the crucial $2,600 support level. The short-term outlook for ETH remains uncertain, as investors speculate on whether the current consolidation phase will lead to a breakout or further declines.

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Despite this, there is a growing sentiment that Ethereum could soon recover. Top analyst Jelle shared a technical analysis on X, revealing that ETH recently took out the lows, retested the key trendline, bounced off key support, and held above the 200-week exponential moving average (EMA). According to Jelle, this confirms that the uptrend structure remains intact, suggesting that ETH still has bullish potential.

While price action remains sluggish, Jelle’s analysis highlights that Ethereum is still holding critical levels, which could lead to a strong move upward. If ETH reclaims $2,800 in the coming days, momentum could build toward a push above $3,000. However, if selling pressure continues and ETH loses $2,600, a deeper retrace could be expected. For now, patience is key as Ethereum hovers near crucial technical levels.

Ethereum Price Signals Potential Recovery Phase

Ethereum has been attempting to reclaim the $2,800 level for the past few days, with bulls struggling to confirm a recovery rally into higher supply zones. Price action remains uncertain, as investors watch closely to see whether ETH can push past this resistance or if selling pressure will drive it lower. The ongoing volatility has kept traders on edge, with some fearing that Ethereum might continue to drop further, testing lower support levels before any potential recovery.

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Ethereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst

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Market sentiment remains divided, with one side expecting a prolonged consolidation or further correction, while the other believes ETH is on the verge of a breakout. Analysts suggest that Ethereum is at a critical juncture, and the coming days could define its short-term trajectory.

Jelle’s technical analysis explains that ETH’s recent price action took out its previous lows, retesting the key trendline and holding above the 200-week exponential moving average (EMA) are all good signs. Jelle says the uptrend structure remains intact despite the slow price movement. He acknowledges that this may be one of the slowest uptrends Ethereum has ever experienced, but he still sees bullish momentum building.

Ethereum holds bullish structure | Source: Jelle on X
Ethereum holds bullish structure | Source: Jelle on X

Jelle also doubts that bears will be able to defend the $4,000 level once more if Ethereum gains strength. As ETH continues to hold key support levels and attempts to reclaim the $2,800 mark, a breakout could lead to a significant rally in the coming weeks. Investors are advised to remain patient as Ethereum navigates this critical phase, with many closely watching for potential trend confirmation.

ETH Testing Short-Term Supply

Ethereum is trading at $2,805, attempting to hold this level and push higher to confirm a recovery rally. Bulls are trying to establish support at this key price zone, aiming to regain momentum after weeks of consolidation. The price is just 7% away from the critical $3,000 mark, which sits slightly above the 4-hour 200 Moving Average. A break above $2,950 and a successful hold above this level would likely trigger an aggressive bullish recovery, pushing ETH toward higher resistance levels.

ETH testing short-term supply below 4H 200 MA & EMA | Source: ETHUSDT chart on TradingView
ETH testing short-term supply below 4H 200 MA & EMA | Source: ETHUSDT chart on TradingView

However, if Ethereum fails to hold above $2,800, the bullish momentum could weaken, leading to another round of selling pressure. In that case, ETH could drop back toward the $2,600 demand zone or even lower. This level has previously acted as strong support, and losing it could indicate further downside risks.

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For now, Ethereum remains at a pivotal point, where bulls must step up to maintain short-term strength. A breakout above resistance could fuel renewed optimism among investors, while failure to sustain current levels may lead to continued market uncertainty. All eyes are on ETH’s ability to reclaim and consolidate above key resistance levels to determine its next major move.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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