Ethereum Holds $3,600 Support Amid Potential Bullish Chart Patterns
Ethereum is trading within the $3,600–$3,800 range, showing resilience amidst market fluctuations. This phase might precede a significant breakout, potentially driving ETH to new highs.
Technical Analysis and Chart Patterns
- Analyst MarketMaestro highlights ETH's rejection at neckline resistance, with price in a crucial retest phase at a red diagonal resistance line.
- ETH may be forming a right shoulder, completing both a Cup and Handle pattern and an Inverse Head and Shoulders (Inverse H&S) pattern. This rare occurrence suggests potential bullish formations ahead.
The consolidation phase is seen as a pre-rally setup, with downside risk expected to be limited.
Bullish Outlook Supported by Strong Support
- Analyst Crypto Candy notes ETH's resilience, maintaining the $3,600–$3,800 support zone.
- This support level is critical for the medium-term bullish outlook, suggesting buyers are defending this range vigorously.
- If support holds, the market could target $4,700, potentially reaching a new all-time high.
The bullish sentiment remains intact unless the $3,600–$3,800 support zone is breached.