Ethereum Eyes Run to $4,200 — $2,918 Support Must Hold
Ethereum (ETH) has regained short-term bullish momentum after bouncing from lows near $2,800 and is trading around $3,000–$3,050 following a recent 24-hour gain. Short-term technicals are mixed: momentum indicators (AO and Stochastic) show improving but cautious signals, with the Stochastic nearing overbought levels. Key resistance sits at $3,050–$3,200; failure there could trigger a pullback toward the $2,870–$2,920 support band. Analysts highlight a pinpoint support near $2,917.65 — holding that level would favor a continuation toward $3,415 and a longer-term target near $4,200 (approximately 35–39% upside from current levels). On-chain flows are mixed: large wallets (10,000+ ETH) have shown accumulation since July, though some big holders slightly trimmed positions. ETH remains below its 200-day EMA (~$3,400), indicating the longer-term trend is not yet confirmed. For traders: watch $3,050 as the immediate confirmation level; monitor $2,900–$2,920 (esp. ~$2,918) as critical support; use the 200-day EMA as trend confirmation. Short-term setups include an aggressive long on a confirmed $3,000 flip to support or a cautious buy near $2,870–$2,920; failure to hold support raises the risk of a drop toward $2,700. This analysis is informational and not financial advice.
Bullish
The combined reports point to a cautiously bullish outlook for ETH. Price has rebounded from the $2,800 area and is attempting to clear near-term resistance around $3,050–$3,200; a confirmed flip of $3,000 into support would increase the probability of continuation toward $3,415 and the longer-term $4,200 target. Supporting this bullish case are on-chain accumulations by large wallets since July. Offsetting factors include mixed momentum indicators (AO negative but turning green; Stochastic near overbought), recent minor sell-offs by some large holders, and ETH trading below the 200-day EMA (~$3,400), which keeps the longer-term trend unconfirmed. For short-term trading, this implies higher reward if critical support at ~$2,918 holds — traders can consider aggressive longs on a confirmed $3,000 support retest or cautious entries near $2,870–$2,920. Conversely, a clear break below the support band would flip the outlook bearish and likely trigger a deeper pullback toward ~$2,700. Overall, net impact on ETH price is expected to be modestly bullish provided key supports hold; failure to hold them would negate the bullish case.