The price of Ethereum remains above $3,700 as the market structure suggests a developing range between the support at $3,700 and the resistance in the high-time frame near $4,240.
The following is a summary of the information that you will find on this page.
- Ethereum remains strong and above $3700, with a bullish defense on key support.
- Prices indicate a new equilibrium zone between $3700 and $4240.
- The next bullish break could be set by a sustained consolidation.
Ethereum priceETHThe price of ) continues to demonstrate resilience, after successfully defending the key volume support level at $3700. A bullish engulfing candles accompanied the latest move from this area, signaling renewed buyer interest following a volatile correction period. This was a reaction to a touch of the 200-day average which served as dynamic support.
Add to that strength. Bit Digital’s recent purchase of over 31,000 ETH Highlights growing institutional confidence in Ethereum’s long-term prospects. Ethereum’s overall price movement suggests that a potential re-accumulation zone could be forming, which would lay the foundation for the next big move.
Ethereum Price Key Technical Points
- Major Support A value of $3,700 is aligned to the low point and moving average 200 days.
- Major Resistance The upper bound of potential price range is defined by $4,240 as the high-time frame resistance.
- Market Structure A phase of developing equilibrium signalling possible accumulations between support and opposition.
The price of Ethereum over the last week has shown a strong defense of $3,700, a zone that is aligned with the volume support as well as the lower limit of the value region. This initial rejection triggered a buyback that created a large bullish candle. The short-term trend is now in favor of bulls.
The defense was accompanied by a confluence of technical indicators around the 200 day moving average. This key trend indicator has traditionally served as pivot for bullish continuation or corrective phases. The market is willing to hold support in spite of recent session volatility.
Technically, Ethereum seems to be stabilizing in a range that could extend between $3.700 and $4.240. This pattern suggests that an equilibrium zone is being formed, as it’s often seen before major directional breaks.
Such formations allow liquidity to accumulate on either end of the range until a definitive expansion takes place.
Expectations for the price movement
If Ethereum keeps its footing at $3,700 or higher, then the market might experience a low-volatility period before testing new resistance levels. If the market confirms a breakout over $4,240 it could signal re-invigorated bullish momentum. This would be the beginning of the next leg in the larger uptrend.
In contrast, failure to maintain $3,700 would invalidate the reaccumulation scenario, and could lead to an even deeper retreat towards lower-value regions.
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Source: crypto.news
