In this 4-hour Ethereum chart, the price has entered a major demand zone located between $2,450 and $2,750 after a strong downward move. The reaction from this zone shows that buyers have clearly defended this level, and the market structure in the mid-term is shifting toward forming a potential reversal pattern. The double-bottom formation and the sharp rebound from the deeper part of the blue demand area indicate a liquidity-grab reversal scenario, where the price first sweeps liquidity below previous lows and then launches into a strong bullish move.
Following this reaction on Ethereum, the price broke its first short-term high, forming a positive structural shift and currently consolidating within a short-term ascending path. The main resistance zone highlighted on the chart is around $3,690, which aligns with multiple previous supply areas and the 50% Fibonacci retracement level. If the current bullish momentum continues and the latest pullback forms a confirmed higher low, the market’s valid upside target becomes this same $3,690 region.
However, it’s important to note that Ethereum must hold above the $3,000 support to maintain the bullish structure. A breakdown below this level would increase the probability of another return toward the lower blue demand zone. As long as the price remains above this key support, the dominant scenario continues to be a move toward the upper supply zone. Overall, the current market behavior reflects buyers’ effort to regain trend control and push the price toward the $3,690 decision point, where the next major reaction is likely to occur.
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