Ethereum In A Crossfire Between $3,900 And $4,800, Is $5,000 The Next Milestone?
momentum and target the next milestone at $5,000.
ETH Hits $4,793 Local Top: Bullish Continuation Confirmed
The Crypto Professor, in a recent analysis rally to a local top of $4,793. This surge came after ETH successfully broke the critical $4,100 resistance level, confirming a bullish continuation structure and signaling strong momentum from buyers despite the volatile market environment.
Following this breakout, Ethereum entered what the analyst described as a healthy retracement phase, as traders took profits near resistance. Such pullbacks, while often unsettling to less experienced traders, are considered a natural part of sustaining an uptrend.
The analyst stressed that as long as ETH maintains its position above the $4,100 support zone, the broader bullish structure remains intact. Consolidation between $4,100 and $4,700 would be especially constructive, creating a strong base of support before any attempt at a fresh breakout.
Looking ahead, the key level to watch is the recent $4,793 high. A clean break above this point could act as a catalyst for momentum, propelling Ethereum toward the $5,000 psychological barrier, with $5,200 also within reach.
Ethereum Faces Key Resistance At $4,800 Previous ATH
GrayWolf6, in a market structure.
Currently, ETH is holding above $3,900, which now serves as a key support level. GrayWolf6 pointed out that after Ethereum’s rejection at $4,800, a pullback occurred, and a possible retracement back toward $3,900 remains a possibility.
Despite the rejection, GrayWolf6 maintained that his expectation for a new all-time high is unchanged. He stressed that fluctuations of this nature are a normal part of price action, especially when an asset is testing major resistance levels.
For now, the range between $3,900 and $4,800 remains the critical area to watch. A breakout above $4,800, according to GrayWolf6, would open the door for ETH to move beyond its previous highs and potentially enter a new phase of price discovery.
