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Amid the market corrections, ethereum (eth) has tested a key support level of several years, suggesting that a rebound at $ 4,000 could be close. However, some market observers noticed that eth has taken advantage of an “interesting level” against bitcoin, which could indicate that the time to celebrate is not yet here.
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ethereum has the key support level
More than a week ago, the encryption market saw its greatest setback in months, sending bitcoin and most cryptocurrencies to monthly minimums. ethereum fell to $ 2,120, reaching its lowest price range since the correction of early August.
Since then, eth has moved within the price range of $ 2,600- $ 2,830, struggling to convert the upper level of the range into support during the past week. Yesterday's market recoil, apparently fed by Donald Trump's latest rates on steel and aluminum, saw ethereum fall below the $ 2,600 support, a key resistance level before the rupture of the third quarter of 2024.
On Monday, the king of Altcoin claimed the recently lost support, which is quoted above the $ 2,650 brand throughout the morning. Some market observers noticed that eth remains on their support for several years “rebounds or dies.”
ethereum has been in a bullish trend support since 2022, re -testing this trend line four times before. Each new test has been followed by a bounce to a key horizontal level in the following weeks.
eth faced resistance to the area of $ 1,900- $ 2,200 during the 2022 reestimations of the ascending trend line before leaving. Meanwhile, the rebounds 2023 and 2024 saw eth bounce from the support of bullish trend to resistance to levels of $ 4,000- $ 4,100.
Market Observer and Ted Sillow <a target="_blank" href="https://x.com/TedPillows/status/1888915896241930713″ target=”_blank” rel=”nofollow”>noted That ethereum maintained its support for the ascending trend since May 2023 after the recent reestimation, which could indicate that a rebound is close. If the pattern is repeated, the cryptocurrency could exceed the resistance level of $ 4,100 and point to new maximums soon.
eth's price resembles 2020-2021 rally
Ted also pointed out that the recent “Capitulation Candle” of eth looked like March 2020. He <a target="_blank" href="https://x.com/TedPillows/status/1888622998657061153″ target=”_blank” rel=”nofollow”>explained That ethereum recorded a great spill that led investors to believe that Altcoin's rally was over.
However, the cryptocurrency recovered, which resulted in a “long -term structure break for ethereum.” According to analyst crypto Jelle, eth currently <a target="_blank" href="https://x.com/CryptoJelleNL/status/1888884718973694311″ target=”_blank” rel=”nofollow”>trade winds In an ascending triangle of several years, and recent performance suggests that the next movement “will be the real business.”
He pointed out that ethereum's next attempt would be the fourth reestima of the $ 4,000 mark this cycle, which could “be the charm” as the level of resistance weakens. A break and claim of this key resistance would potentially lead to a new test of the $ 4,878 of all time (ATH).
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Daan crypto Crafts <a target="_blank" href="https://x.com/DaanCrypto/status/1888634215534616905″ target=”_blank” rel=”nofollow”>outstanding
The merchant considers that eth/btc could sit within this level “for quite some time” and that “the time to get excited again is when this takes up at least 0.036.”
At the time of writing this article, ethereum lies at $ 2,659, an increase of 1.2% in the daily period.
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(Tagstotranslate) Cryptographic Analyst (T) crypto Bull Run 2025 (T) crypto Investor
