Ethereum’s price is at a crucial point. It recently broke out of a technical pattern called a “rising wedge,” which usually means trouble. But this breakout sparked hope for higher prices. Now, we’re seeing a retest of a key support level – a make-or-break moment for Ethereum.
The $3,900 – $4,100 Hurdle
The $3,900 to $4,100 range is the current battleground. If Ethereum holds above this, it’s a strong sign that the recent breakout was legitimate and not a false alarm. Analysts are watching closely.
What the Analysts Say
One analyst pointed out that Ethereum’s weekly chart showed a rising wedge, a bearish signal. The breakout was a surprise, suggesting strong momentum. Now, the price is testing the breakout level as support. A successful defense of this level could lead to further price increases, potentially reaching $4,887.
Another analyst highlighted the importance of the $3,900-$4,100 support zone. Staying above this level keeps the bullish outlook alive, with the potential for Ethereum to retest its all-time high.
The Risk of Failure
However, there’s a significant risk. If Ethereum falls below $3,800, the bullish case collapses. This could trigger a major sell-off and a deeper price correction.
The Bottom Line
The next few days are critical for Ethereum. Whether it holds above the $3,900-$4,100 support zone will determine if the recent breakout was a genuine bullish signal or just a temporary blip. The outcome will significantly impact Ethereum’s price movement in the coming weeks.
