Hello everyone, Ethereum (ETH) is currently trading around $4,546, after correcting from the recent high of $4,800 down to $4,460. This area is an important support zone, along with $4,400, both of which are Fair Value Gaps (FVG) and could provide critical support if the market continues to pull back. The Ichimoku Cloud remains supportive of the bullish trend as the price stays above the cloud. However, the $4,600 level may act as short-term resistance that ETH needs to overcome before pushing higher towards the $4,800 mark.
On the fundamental side, Ethereum remains supported in the long term due to its transition to Proof of Stake and the growing demand in DeFi and NFTs. However, ETH’s price action is still closely tied to Bitcoin, so if BTC remains stable or continues to rise, ETH could gain additional momentum. Conversely, a significant pullback in Bitcoin could directly impact ETH. In the short term, it’s wise to monitor price action around the $4,460–$4,400 range. If ETH holds these levels, there’s a high likelihood it will bounce back to test $4,600, and possibly revisit the $4,800 peak.
On the fundamental side, Ethereum remains supported in the long term due to its transition to Proof of Stake and the growing demand in DeFi and NFTs. However, ETH’s price action is still closely tied to Bitcoin, so if BTC remains stable or continues to rise, ETH could gain additional momentum. Conversely, a significant pullback in Bitcoin could directly impact ETH. In the short term, it’s wise to monitor price action around the $4,460–$4,400 range. If ETH holds these levels, there’s a high likelihood it will bounce back to test $4,600, and possibly revisit the $4,800 peak.
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