Ethereum's Future: Key Indicators Amid Market Volatility
Ethereum currently holds at $3,780 following a substantial 13% drop last week, with analysts divided on its next move between a potential rally towards $10,000 or deeper corrections.
Ethereum is currently priced at $3,780 after witnessing a 6% decline in just 24 hours and a cumulative 13% loss in the past week. Despite this downturn, market experts remain divided on the direction the cryptocurrency is set to take.
Some technical analyses indicate a possible shift in market momentum, while others suggest that a prior retest has been successfully completed, laying the groundwork for a potential upward trend.
Analyst Expects New Leg Toward $10K
Crypto analyst Michaël van de Poppe predicts that Ethereum might be gearing up for its next ascent. He highlighted that the asset has recently completed a crucial retest and is positioned for potential growth towards new peaks soon. In his words:
“In the coming days, maybe 1–2 weeks, a new leg on ETH starts.”
He further mentioned that the previous resistance zone has likely been fully retested, potentially paving the way for an upward breakout. If momentum continues to build, Ethereum could approach the $10,000 level.
Regarding the ETH/BTC trading pair, Ethereum is maintaining support above 0.033 BTC, now trading around 0.036 BTC, showing signs of stabilization, and executed as an “ideal zone for buys” by traders closely observing the price action.
Analyst Insights
Source: Michaël van de Poppe/X
Market volume has diminished during this retracement, which could indicate a continuation of the preceding trend if support is maintained. A 44% surge from June to the recent peak further substantiates the expectation of another upward movement.
MACD Turns Bearish on Weekly Chart
Conversely, some indicators are underscoring the necessity for caution. The weekly MACD has turned bearish, and the MACD line is descending toward the signal line. As pointed out by Satoshi Stacker:
Current Trading Range
Ethereum is presently bound within a $3,530 to $4,800 range, with $4,100 acting as both support and resistance. Breaking above $4,800 would demonstrate strength, whereas falling below $3,530 might confirm a bearish breakdown.
In summary, the market shows signs of significant activity with Ethereum’s trading patterns. With ongoing developments, both traders and analysts are closely monitoring price movements and market sentiment.
