Ethereum price has shown strong bullish momentum, climbing from around $3,944 to above $4,200 in a steady uptrend.
The consistently higher lows indicate sustained buying pressure. If this momentum persists, ETH could test resistance near $4,250, signalling a potential continuation toward higher levels.
At press time, the Altcoin was trading at $4,219.9, reflecting a modest 6.27% increase over the past 24 hours.
According to analyst Crypto Caesar, Ethereum is currently trading within a descending channel following its recent rejection near the $4,700 zone.
The chart is showing that the price has been consolidating and forming lower highs, suggesting temporary bearish momentum.
However, Ethereum remains above a key support level near $3,500, an area that previously triggered a strong bullish reversal earlier in the year.
Traders are closely monitoring this zone as it has historically acted as a demand region where buyers regain control, potentially preventing a deeper correction.
The previous cycle displayed a similar pattern where ETH broke out from a descending channel after holding a crucial support zone, leading to a significant upward rally.
Source: X
If history repeats itself, the current structure could signal another potential breakout once price confirms support and breaks above the descending resistance.
Conversely, failure to hold the $3,500 support could expose Ethereum to deeper downside levels around $2,750 or $2,000, which also align with past consolidation zones.
Ethereum price eyes a breakout above $4K support
Based on the weekly chart analysis by analyst Marzel, Ethereum (ETH) is currently showing signs of consolidation within a defined range after its recent upward rally.
The price is holding above the key support zone near $4,000, which previously acted as a breakout level.
This green zone represents an area of strong buying interest where bulls continue to defend, suggesting that Ethereum remains structurally bullish in the mid-term.
As long as the Ethereum price holds this region, momentum could build for another push toward the upper resistance area around $4,766 – $5,000, which marks the next major target for buyers.
Source: X
However, if Ethereum fails to maintain support around the $4,000 range, it could trigger a short-term correction.
The price may then drop toward the lower support near $3,357, where the next accumulation zone lies.
Marzel emphasized that the market is currently in a reaccumulation phase, typical before another leg up in a broader bullish trend.
The weekly structure remains intact, with higher highs and higher lows indicating that the macro trend is still upward.