Key Insights:
- Ethereum confirms breakout above $3,865–$4,160, retesting zone as support, setting stage for possible continuation higher.
- Daily chart shows ETH bouncing from $3,800 support; reclaiming $4,265 may trigger strong upside momentum.
- Losing $3,800 risks drop to $3,600, but holding keeps Ethereum’s path open toward the $10K target.
Ethereum (ETH) was trading at $4,014 today with a 24-hour trading volume of $35.87 billion. The token is up 2% in the last 24 hours but remains down 10% over the past week. Technical charts show ETH completing a breakout above the $3,865–$4,160 zone, an area that had capped price rallies in recent years.
Crypto Candy shared a weekly chart noting,
“$ETH breakout and retest done on a weekly timeframe. Expecting to hit new ATH and enter price discovery mode. Loading $10k in Q4…”
The chart highlights this former resistance zone turning into support, which strengthens the case for a continued upward move.
Key Resistance and Upside Potential
The breakout zone between $3,865 and $4,160 now acts as a critical support level for ETH. If buyers defend this area, price could build momentum toward untested territory above the prior all-time high. The projection line on the weekly chart indicates the potential for ETH to move toward $6,000 and beyond if momentum sustains.
This technical setup points to Ethereum entering a price discovery phase. With no defined resistance above previous highs, analysts suggest higher targets could be possible, including the $10,000 mark discussed by Crypto Candy.
Daily Structure Shows Crucial Levels
A separate chart shared by Ted highlights Ethereum on the daily timeframe. ETH recently bounced off the $3,800 support zone, which acted as a major demand area during the recent dip.
Ted commented,
“$ETH had a good bounce back from the $3,800 support level. It’s now approaching a crucial resistance level, and a reclaim of it will result in more upside. In case Ethereum loses the $3,800 support level, a dump towards the $3,600 level is highly likely.”
The daily chart marks immediate resistance at $4,060–$4,265. A successful reclaim of this level could pave the way to $4,750–$4,800. On the downside, a loss of the $3,800 level would open the way to deeper support at $3,600–$3,570.
The combined analysis presents Ethereum at a pivotal moment. The weekly breakout structure suggests that ETH may be preparing for a run into price discovery. Meanwhile, the daily chart sets $3,800 as the line that must hold for the bullish outlook to remain valid.
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Source: https://coincu.com/uncategorized/eth-eyes-price-discovery-after-breakout/