Ethereum prices have been pulled back in the past few days, moving from an annual high of $4,945 to its current $4,335.
summary
- Ethereum prices could be found in the cusp of this month's strong bullish breakout.
- We are about to retest important support levels on our weekly charts.
- Ethereum has a strong basis, including increasing market share in major industries.
Ethereum (ETH) tokens are roughly 210% above this year's lowest point. Still, technical analysis shows a final rebound, but the influx of Spot ETH ETFs is rising.
Ethereum pricing technology refers to rebound
The weekly chart shows ETH prices bottomed at $1,385 in April and rebounded to a record high of $4,945 in August. Prices recently exceeded significant resistance levels at $4,100, the highest point in March and December last year.
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In most cases, assets tend to have a break-and-retest pattern, where they drop important levels of support and retest. In this case, the token could be trying to retest support for $4,100, which would lead to a strong bullish breakout.
The initial goal is $4,946, a record high followed by a psychological point of $5,000. Movement beyond that level refers to more profits, potentially at $6,250 for Murrey Math Lines' extreme overshoot level. This is about 45% above the current level.
Bullish ETH price forecasts will be invalidated when the token plunges below the powerful pivot reverse level at $3,750.
Ethereum Price Chart | Source: crypto.news
ETH has a basic bullish basis
There is a bullish base in Ethereum prices, which could help you recover in the short term.
Most notably, Ethereum's dominant role in the decentralized financial industry, with its total value jumping to a high of over $200 billion, much higher than other top chains.
Ethereum continues to capture market share in the Stablecoin industry, where supply grew 12% to $157 billion. The number of transactions increased by 14% to 22.7 million, but the volume of adjusted transactions increased by 38% to $948 billion. These numbers will continue to increase and will bring more revenue to the network.
The Ethereum ETF is still on track despite recent spills. They have a cumulative inflow of over $12 billion, and BlackRock's Eta has more than $16 billion in assets.
The derivatives market also points to resilient demand, with open interest on futures rising above $58 billion and funding rates remaining positive.
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