Ethereum demonstrates signs of recovery after a sharp correction. The bullish trend aims for a return to the $5,000 mark.
Ethereum Recovers From $4,320 Support
Ethereum started a rebound from the $4,320 level after correcting from a new all-time high above $4,950. Unlike Bitcoin, which faced heavy downside pressure, Ethereum quickly regained momentum and broke through key resistance levels.
Key Resistance Levels
On the upside, immediate resistance lies near $4,630, which aligns with the 50% Fibonacci retracement level of the recent decline from $4,956 to $4,310. A sustained move above this zone could open the doors for more gains. The next key hurdles stand at $4,650 and $4,720. If Ethereum clears $4,720, the price could climb toward $4,840, with a break above this level likely encouraging further bullish momentum.
Downside Risks If Bulls Fail
If Ethereum fails to break the $4,630 resistance, the price may correct lower. The first support level is seen near $4,500, followed by a stronger support at $4,450. A decisive move below $4,450 could trigger a decline toward $4,320, with deeper losses potentially sending ETH toward $4,220, having the next key support at $4,150.
Ethereum's near-term price action suggests bulls are preparing for a fresh push higher. As long as ETH remains above $4,460, the chances of retesting the $5,000 zone remain strong.
