Ethereum Faces Critical Support Test After Breaking Rising Wedge
Ethereum's price is at a critical point after breaking out of a rising wedge pattern. The breakout initially suggested strong momentum, but the retest of a key support zone will determine if the move is sustainable or not. The $3,900–$4,100 range is crucial for Ethereum's future trajectory.
ETH Breaks Rising Wedge: Key Retest In Play
- Crypto analyst The Boss noted Ethereum's rising wedge formation, often indicating potential bearish reversals. However, ETH broke upwards, indicating strong momentum.
- The price has pulled back to test the previous resistance level as new support, a standard technical analysis move.
- If Ethereum holds this support, it could continue to higher levels, with potential resistance around $4,887.
ATH Targets Intact While Price Stays Above Support
- Crypto Candy highlighted Ethereum's move into the $3,900–$4,100 support zone, a critical area for maintaining a bullish outlook.
- Staying above this level suggests positive market sentiment, potentially aiming for all-time high retests.
- A failure to hold this support and closing below $3,800 could shift the outlook, inviting selling pressure and deeper correction risks.
