Ethereum Bounces from Trend Support, Eyes $3,680 and $7,000
Ethereum price rebounded sharply from key support formed by three converging trendlines and horizontal support near $3,000. On the 4-hour chart, the bounce cleared a major descending trendline and aims for resistance at $3,680. Further upside targets include $3,900 and $4,250, with the $4,000 level acting as a psychological barrier. Stochastic RSI on both the 4-hour and daily frames shows room to run, suggesting a breakout could be imminent. On the weekly chart, a falling wedge pattern or bull flag points to sustained bullish momentum. A decisive break above the weekly trendline could propel Ethereum price toward a $7,000 rally. Traders should watch the $3,680-$4,000 zone for confirmation of trend reversal. Indicators align with increased upside potential. (Source: TradingView)
Bullish
Ethereum’s rebound from three converging trendlines mirrors past bounces that triggered strong rallies. The rejection at $3,000 and rapid recovery demonstrate robust buying pressure. Technical indicators, notably Stochastic RSI on multiple timeframes, have climbed from oversold levels—historically a reliable early signal for upside momentum. The 4-hour breakout above a descending trendline clears the way to $3,680 and higher resistance zones.
On the weekly chart, the formation of a falling wedge or bull flag typically precedes a sustained upward move. A close above the weekly trendline would confirm this bullish pattern and could spark a larger rally toward $7,000. In the short term, traders are likely to target the $3,680-$4,000 zone for confirmation before adding positions. Over the longer term, a successful breakout and follow-through would reinforce bullish sentiment and attract additional momentum buying.