Ethereum Tests Key Support at $3,900 and Resistance at $4,800
Ethereum is currently testing critical support at $3,900 and resistance at $4,800. Recent price movements indicate a potential for momentum towards a target of $5,000.
Key Highlights
- ETH reached a local top of $4,793 after breaking the $4,100 resistance, confirming bullish sentiment.
- Currently in a retracement phase as traders take profits; this is typical in an uptrend.
- Maintaining above $4,100 is crucial to sustaining overall bullish structure.
- Consolidation between $4,100 and $4,700 could provide a solid support base for future moves.
- A break above $4,793 may lead to increased momentum toward $5,000 and potentially $5,200.
Resistance Levels
- Facing resistance at $4,800, which is the previous all-time high.
- Key support established at $3,900; failure to hold here could lead to further declines.
- Despite recent rejection at $4,800, expectations for new all-time highs remain intact.
- Market fluctuations are common when approaching significant resistance levels.
- A breakout above $4,800 may initiate a new price discovery phase for ETH.
