Ethereum is at a critical resistance level which repeatedly halts bullish momentum. Traders are watching whether the price will hold above this level or revert to lower demand areas.
Resistance Struggle of Ethereum
Ethereum’s daily chart shows a decisive struggle at the $4,700–$4,800 resistance zone. Traders are closely watching the attempt to close above this level. 'If a breakout is confirmed, it could quickly accelerate momentum towards $5,500.' noted Crypto Candy.
Importance of Support Zones
Beneath the current resistance, Ethereum's structure is reinforced by key demand levels. Bids clustered at $4,100-$4,200 have been consistently supportive, with a larger pool found at $3,942. This indicates strong buying interest, preventing significant losses.
Defining the Next Direction
The technical chart of Ethereum appears as a classic breakout-retest pattern. 'Breaking above the $4,800 mark with assured volume would pave the way towards $5,500.' If the breakout fails, the market may re-test support zones, which would not change the overall bullish trend but could delay continuation.
Traders are now focused on two critical conditions. Maintaining strength above $4,100 preserves the bullish foundation, while acceptance above $4,800 may ignite Ethereum's next phase of upward expansion.
