After the recent crash, is ETH ready to challenge $35,000 and $40,000?

Tap on the avatar to go live and chat!

After experiencing significant selling pressure, Ethereum (ETH) has successfully stabilized its price at the $3,000 support zone, entering a period of consolidation. The golden cross signal suggests a potential rebound in the medium term, and the market outlook is positive.

Technical Analysis: Strong Support Fuels Upward Movement

After breaking through the $4,000 resistance, Ethereum retraced, with the price falling below $3,500, but found strong support in the $3,000 area. This position intersects with the 100-day and 200-day moving averages, which is significant. The appearance of the golden cross has strengthened bullish sentiment, meaning that after breaking the $3,500 resistance, Ethereum may usher in a new round of upward movement.

4-Hour Chart: Key Support Test

On the 4-hour chart, Ethereum has retraced from the ascending channel and is testing the $3,000 area. This support level aligns with Fibonacci retracement levels of 0.5 and 0.618, reinforcing its validity. If the support holds, the price may break through $3,500 again. If it falls below $3,000, it may further retrace to $2,500.

On-Chain Analysis: Futures Market Sentiment Warms Up

The futures market sentiment is improving, with rising funding rates indicating that more long positions are being opened, and investors' confidence in a potential rebound is increasing. If this trend continues, it may drive Ethereum to break through the $4,000 resistance level, initiating a new upward trend.

Tap on the avatar to go live and chat!