Ethereum Maintains Stable Position at $3,546, Aiming Towards $4,104 Goal Remains intact
In the world of cryptocurrencies, Ethereum (ETH) is gearing up for a significant test. The digital asset, currently trading above $3,546, faces technical resistance around the $4,104 to $4,200-$4,500 range. This resistance, according to analysts, is expected to result in consolidation in the $3,900-$4,100 area before a sustainable breakout.
The yellow box zone on the chart, between $2,850 and $3,200, serves as a strong demand area, acting as both support and accumulation for Ethereum. This zone, drawn on a previous multi-week consolidation area, is crucial as a loss of it could signal short-term caution and potentially bring ETH back into the yellow zone, a less bullish territory.
Recent analyses suggest that Ethereum's price is consolidating near $3,620, with support levels at $3,580 and $3,374, and resistance at $3,700 and $3,900. This tightening momentum structure indicates a lack of a clear immediate breakout path above $4,100.
Mark Newton from Fundstrat foresees short-term consolidation roughly between $3,900 and $4,100, with resistance near $4,200-$4,500. This implies a retest or revisiting of support is likely before any strong breakout above $4,104.
Analysts expect a gradual rally with possible stepwise gains toward $4,000+ by late July and early August. However, breaking above $4,104 or $4,200 would be a critical bullish confirmation that is contingent on overcoming resistance. The technical outlook includes a symmetrical triangle pattern with low volatility, indicating a decisive move is imminent but not guaranteed to surpass $4,104 without pullbacks.
The recent price action of Ethereum targets a new high of $4,104.30. This level has seen multiple rejections in early 2024. However, previous cycles have shown similar structures playing out with a new high after consolidating above critical zones. The next key target for Ethereum is $4,104.30, a historical resistance level.
The three-day chart shows Ethereum formed a solid base around $1,875 earlier in the year. This structure implies Ethereum could consolidate before attempting the final leg up towards $4,104.30. As long as Ethereum trades above the $3,546 level, the trend structure remains bullish.
The red line marked at 0.75 may act as a minor support in case of near-term pullbacks. The market is expected to remain constructive as long as Ethereum closes weekly sessions above the yellow accumulation block.
Traders are watching closely for any signs of weakness near the $4,104.30 range, especially if volume drops. The last structural base for Ethereum is $1,875. Only a loss of the yellow zone on the weekly chart would change the trend to bearish.
If Ethereum reclaims and holds above $4,104, the next psychological level of $4,400 could come into view. However, breaking above this level would require overcoming significant resistance, making it a challenging but potentially rewarding milestone for Ethereum investors.
- As Ethereum targets a new high of $4,104.30, investors are keenly monitoring the cryptocurrency market for signs of weakness near this significant resistance level.
- The recent price action of Ethereum targets a new high of $4,104.30, a level that has seen multiple rejections earlier in the year, but previous cycles hint at a potential new high after consolidating above critical zones.
- In the realm of cryptocurrencies and finance, technology plays a crucial role in analyzing the market dynamics of Ethereum, particularly in identifying key resistance levels like the $4,104- $4,200-$4,500 range.