Ethereum Market Analysis: Key Observations After the Pullback
1⃣ Current Trend: Ethereum has recently pulled back significantly from the resistance level of $4000, dropping 24% from the highest to the lowest point. The short-term support level is at $3080, and it is currently still about 6.7% above the bull market support line, indicating that the trend has not been broken.
2⃣ Key Resistance: $4000 is the core pressure zone, and there has not been any daily close successfully above $4000. I am indeed a bit hesitant about Ethereum now, but I still look forward to its impressive performance in the first quarter and hope it won’t disappoint me, as my largest position is in it.
3⃣ Future Outlook: The short-term pullback does not change the long-term bull market trend. If the support is successfully held and $4000 is broken, the bullish trend is expected to continue, with the next target aimed at new highs.