TLDR:
- Ethereum struggles to break $4,900, raising concerns of a double top forming in the charts.
- Current retracement levels suggest ETH could dip to $3,880, $3,500, or $3,200.
- Weakness in ETH could signal capital rotation into altcoins, hinting at emerging alt season.
- Historical patterns point to a potential September correction before any late-year price rally.
Ethereum is showing signs of resistance as it approaches the $4,900 mark. Analysts point to technical indicators suggesting the cryptocurrency may be forming a double top.
Traders are watching retracement levels closely, ranging from $3,880 to $3,200, to gauge ETH’s next move. Meanwhile, the performance of Ethereum compared to other altcoins hints at a possible rotation of capital. The market is bracing for shifts that could reshape investor strategies in the coming months.
Ethereum Price Faces Resistance, Signals Possible Double Top
Crypto analyst CasiTrades noted that Ethereum recently hit a slight new high, but the RSI topped out bearishly as subwave 3 concluded within a larger wave 5 structure. The alignment of the subwave 3 target with the 0.618 extension of the larger wave 5 raised caution among traders.
ETH Struggles to Breakout. Sign of Alt Season Emerging?
Ethereum is showing some real signs of struggle on the charts. Recently, it printed a slight new high, but the RSI topped out bearishly right as price was completing subwave 3 within a larger wave 5 structure. What… pic.twitter.com/1f3TJLFJn3
— CasiTrades
This setup suggests Ethereum might not push cleanly to fresh highs. Instead, a double top could be forming around $4,900. Analysts are monitoring retracement levels carefully.
A shallow wave 4 retracement could pull ETH toward $3,880, while a moderate dip may reach $3,500. In a deeper correction, $3,200 is possible.
If Ethereum holds one of the shallower retracements, it may attempt a final push toward $5,600–$6,000. But if the price falls to $3,200, the likelihood of breaking past $4,900 decreases. Traders are adjusting their strategies accordingly. Source: CasiTrades via Twitter.
Ethereum’s current 24-hour price sits at $4,486.67 with a trading volume of $27.5 billion, showing a 1.35% drop over the last day and a 4.88% rise over the past week.
Altcoin Season Signals Emerge as Ethereum Shows Weakness
Ethereum’s relative weakness has caught the attention of crypto investors.
CasiTrades pointed out that several altcoins are showing strength while ETH struggles. This movement could signal a rotation of capital from Ethereum to other coins. Traders are monitoring these shifts closely to identify early signs of altcoin season.
TedPillows shared insights suggesting that Ethereum could still reach $10,000 this cycle. He expects a correction in September, which could create accumulation opportunities.
However, he noted that a strong September for ETH would change the outlook, potentially fueling price rallies in Q4 2025. These observations underline the importance of short-term price monitoring.
$ETH to $10,000 is programmed this cycle.
But first, I'm expecting a correction in September due to historical patterns.
If a dip comes, it'll be a good time to accumulate before the major pump in Q4 2025.
But what if Ethereum had a green September?
Then it'll show the ETH… pic.twitter.com/dgbCHlIEAp
— Ted (@TedPillows) August 28, 2025
The dynamics between Ethereum and the broader altcoin market suggest a crucial period ahead. If Ethereum falters, altcoins could capture market attention. Conversely, a strong ETH rally may stabilize the market hierarchy.
Crypto investors are evaluating both scenarios to plan entry and exit points effectively.
The post Ethereum Could Rally to $10,000, But Short-Term Pullback to $3,200 Looms appeared first on Blockonomi.
Source: https://blockonomi.com/ethereum-could-rally-to-10000-but-short-term-pullback-to-3200-looms/