Despite a momentary drop in BTC price to under $59k last night, Ethereum managed to record a 0.66% rise, resulting in an intraday doji candle. The current ETH price stands at $2381, with a minor intraday pullback of 0.14%.
As the market continues to fluctuate, many are wondering if the hope of recovery will hold strong as Vitalik Buterin and the Ethereum foundations continue to sell ETH. To gain a better understanding of the crucial supports and potential Ethereum price targets, let’s delve into our Ethereum price analysis below.
Looking at the 4-hour chart, we can see a declining trend in ETH price action forming a triangle pattern. Currently, the altcoin’s price is testing the support trend line, hinting at a potential bullish comeback. The lower price rejection near the $2300 support and local support trend line further supports the possibility of a bullish reversal. Additionally, the 4-hour RSI line shows a bullish divergence, suggesting a potential double-bottom reversal near the $2340 mark.
In a recent X post, crypto analyst Martinez highlighted a critical support level for ETH at around $2250. According to Martinez, every time Ethereum breaks above the TD setup resistance trendline, a strong bull run follows. Conversely, a breakdown below the TD support trend line has historically led to an average correction of 53%. With the current TD support trendline standing at $2250, a breach below this level could trigger a significant price drop.
In terms of price targets, if a reversal rally occurs, overhead resistances for ETH in the near term are at $2425 and the local resistance trendline. Based on Fibonacci levels, a breakout rally could challenge the 50% level at $2520 or even reach $2624 at the 78.60% level. On the other hand, in the event of a bearish breakdown, support levels can be found at $2300 and $2200.
As the market continues to evolve, it is essential to monitor these key levels and indicators to navigate the volatile crypto landscape. Stay tuned for more insights into Ethereum’s future price movements with our ETH Price Prediction!