The Ethereum market is experiencing fluctuations near key support and resistance levels. Let's examine the current state and what it might mean for traders.
Current State of Ethereum Price
Ethereum recently attempted to break through the $2,535 resistance zone but failed to sustain above it. After a strong upward move, ETH faced selling pressure and began to retrace, currently hovering around $2,491. The yellow resistance zone near $2,535 has proven difficult to conquer, and the RSI is trending down after reaching the overbought territory.
ETH Chart Analysis
The current 4-hour chart of ETH shows a clear structure between the $2,400 support level and the $2,535 resistance level. Each time ETH dipped to $2,400, buyers have stepped in aggressively, making it a strong support floor. However, failure to break through the $2,535 level raises concerns.
Predictions and Recommendations
If ETH holds above $2,400 in the coming days, the structure favors bullish continuation with upside targets of $2,600 and $2,732. However, if it breaks down, short-term bears may take control, pushing ETH toward $2,200 or even lower. Traders looking for medium-term entries may consider monitoring the $2,400 zone closely for bounce signals.
The situation in the Ethereum market remains uncertain with key support and resistance levels. Traders should exercise caution and consider current trends before making decisions.
