Ethereum Faces 4% Pullback, Analysts Predict Sideways Movement for Months
Ethereum (ETH) retraced 4% after failing to break key levels, with analysts predicting a sideways movement until May. A recent surge to the $2,850 support zone was followed by a pullback toward $2,605.
Current Analysis
- ETH needs to hold the $2,600 support to maintain its multi-year ascending channel.
- Failure to hold could lead to a drop to $2,400.
- The $2,425 level is identified as critical support, with significant accumulation noted.
- Analysts suggest a re-accumulation period before any upward trend.
- Market watcher forecasts an extended sideways movement for two to three months.
Long-term Outlook
- Traders observe a bullish pattern indicating a potential breakout above $4,000.
- Longer consolidation may lead to a sustainable rally.
- Analysts note a sentiment shift towards Ethereum amid declining interest in memecoins.
- Capital rotation from Solana to Ethereum suggests an impending "ETH season."
Currently, Ethereum is trading at $2,631, reflecting a 1% retrace over the week.
