ETH Pulls Back from $4,800 as $4,000 Support Wavers
Ethereum price rallied toward $4,800 but pulled back sharply amid weaker global markets. The Dow slipped 0.8%, Bitcoin fell below $111,000 and the dollar strengthened. On the daily chart, ETH tested the upper Bollinger Band at $4,800 before retreating to $4,396. Price now consolidates between key support at $4,200 and resistance at $4,600. A breach below $4,200 could prompt a deeper correction to the $4,000 psychological line.
Macro factors add pressure. The US 10-year yield rose to 4.28% and the dollar index hit 98.43, making risk assets less attractive. Still, Fed Chair Jerome Powell’s dovish hints on rate cuts next month support a medium-term bullish outlook. Positive catalysts include Nvidia’s earnings and easing US monetary policy.
In the coming weeks, Ethereum price is likely to trade sideways within the current range. A clear break above $4,800 would open the path to $5,200, while a failure to hold $4,200 risks a test of $4,000. Traders should monitor macro indicators and Bitcoin correlation for potential breakout signals.
Neutral
Ethereum’s recent price pullback from $4,800 reflects mixed signals in the crypto market. The rejection at resistance and headwinds from rising yields and a stronger dollar point to near-term consolidation. However, Fed Chair Powell’s dovish stance and potential rate cuts support a bullish medium-term outlook. Historically, Ethereum has stabilized under similar macro pressures before resuming its uptrend. In the short term, traders may see sideways trading between $4,200 and $4,600 as the market digests these factors. Over the long term, a macro-driven breakout could propel ETH toward $5,200. Given these counterbalancing factors, the news is neutral for market direction.