Ethereum Holds ‘Bounce Or Die’ Level
In the market correction, Ethereum (ETH) has retested an important multi-year support level, which suggests a possible rebound to $4,000. However, some market observers point out that ETH takes “interesting levels” against Bitcoin, which may indicate that the celebration is not yet here.
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Ethereum maintains critical support levels
A week ago, the cryptocurrency market was first reviewed in months, sent Bitcoin Most cryptocurrencies have monthly lows. Ethereum fell to $2,120, reaching its lowest price range since its correction in early August.
ETH has since moved in the $2,600 to $2,830 price range, working to turn the upper level of the range into support for the past week. Yesterday’s market pullback appears to be the driving force behind Donald Trump’s latest tariffs on steel and aluminum, bringing Ethereum to below $2,600 support, ahead of the first quarter of 2024 third quarter breakout Key resistance level.
On Monday, the altcoin king took back the latest Losing supporttrading above $2,650 throughout the morning. Some market observers point out that ETH is still in support of its “bounce or death” for years.
Ethereum has been in uptrend support since 2022, retesting this trendline four times before. Over the next few weeks, each retest will rebound to a critical level.
Prior to the outbreak, ETH faced a $1,900-$2,200 area in a retest of the 2022 upgrade trendline. Meanwhile, rebounds in 2023 and 2024 rebounds rebounded from uptrend support to face resistance at a level of $4,000 to $4,100.
Market Watchers and Investors TED Pillows Famous The Ethereum has been supporting its uptrend since its retest in May 2023, which could indicate that the rebound is approaching. If the pattern is repeated, the cryptocurrency may exceed the $4,100 resistance level and target the new high.
ETH price action is similar to the 2020-2021 rally
Ted also noted that ETH’s recent “surrender candle” looks like March 2020. he Explained The Ethereum records a major dump, leading investors to believe that Altcoin’s rally is over.
However, the cryptocurrency rebound has led to a “long-term structural breakthrough in Ethereum.” According to analyst Crypto Jelle, ETH is currently trade In a year-long rising triangle, recent performances suggest that the next step will be “real trade.”
He noted that Ethereum’s next attempt will be the fourth retest of the cycle at $4,000, which could be “charm” as resistance levels weaken. The breakout and retraction of this critical resistance could lead to a retest of $4,878’s all-time high (ATH).
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Daan cryptocurrency trading Highlight When the ETH/BTC trading pair hovers between 0.023-0.036, it returns to the 2016-2020 level. Over the years, the upper area of the series has been a key resistance pushing ETH toward ATH, and local Highs opposition to BTC once became support.
Trader consider ETH/BTC can sit in this level for a “quite a while”, “when you are excited again, it’s at a minimum of 0.036.”
At the time of writing, Ethereum is trading at $2,659, an increase of 1.2% on the daily timeframe.
Featured images from Unsplash.com, charts from TradingView.com
