Ethereum Pullback Seen as Healthy Retest of $4,000 After 245% Rally
Analyst IamCryptoWolf views the recent Ethereum pullback as a healthy retracement after a 245% rally. Ether surged from a YTD low of $1,385 on April 9 to a peak of $4,788, breaking past the long-standing $4,000 resistance. The pullback is framed as a consolidation phase, with a key retest of the $4,000 breakout area, rather than signaling a trend reversal. The analysis, shared on TradingView by IamCryptoWolf—who has posted trading ideas since 2014 and amassed 111,000 followers—emphasizes market observation. This insight suggests the Ethereum pullback may set the stage for the next upward move.
Bullish
The categorization as bullish reflects the characterization of the Ethereum pullback as a healthy retracement rather than a reversal. Historically, major cryptocurrencies often revisit breakout levels—such as Bitcoin’s retest of $10,000 in late 2020—before resuming their uptrends. In the short term, traders can expect range-bound action around the $4,000 mark, offering potential entry points on dips. Over the longer term, maintaining support above this level strengthens the overall uptrend, increasing the likelihood of new highs. This retest strategy tends to build market confidence and reduce volatility when managed within key technical zones.