Usman Salis
Ethereum (ETH) recent price action has turned bearish after bulls couldn't push through the crucial $4,600 resistance zone. This rejection sent ETH tumbling below $4,550, suggesting that selling pressure is building and momentum is shifting away from buyers. Traders are now watching key support levels to gauge where Ethereum might head next.
Ethereum Struggles at $4,600 Resistance
Throughout the past day, Ethereum made several attempts to breach the $4,600 level but was met with strong resistance each time. According to Voice Of Web3 traders, this repeated failure to maintain momentum above the resistance level gave sellers confidence, leading to a notable pullback during European trading hours.
The cryptocurrency hit a session low of $4,542, with increased selling volume confirming the bearish sentiment. The $4,600 level continues to act as a significant ceiling, having now rejected multiple breakout attempts.
Chart Analysis: Bearish Shift in Momentum
The technical picture shows a clear deterioration in bullish momentum. ETH's failure to sustain any meaningful move above $4,600 has resulted in a pattern of lower highs, indicating that buyers are losing control. The immediate support zone sits around $4,520–$4,540, with the critical $4,500 level representing a must-hold area for bulls. Recent price action has been dominated by selling pressure, as evidenced by the prevalence of red candles in the latest sessions.
Market Context Driving ETH Lower
Ethereum's decline reflects broader market uncertainty, with a strengthening U.S. dollar and cautious equity markets creating headwinds for crypto assets. Many traders appear to be taking profits after ETH's earlier rally from the $4,400 level this week. Bitcoin's relative stability during this period highlights Ethereum's underperformance, which could continue if the resistance zone remains intact.
Forward-Looking Takeaways
Ethereum's near-term direction hinges on whether bulls can quickly recapture the $4,600 level. The $4,500 mark represents both psychological and technical support that needs to hold to prevent further declines. Should buyers regain control and break above $4,600, potential upside targets lie in the $4,700–$4,750 range. However, if ETH loses the $4,500 support, a deeper correction toward $4,400 becomes likely. Until this key battle between bulls and bears resolves, expect continued volatility as Ethereum searches for its next directional move.
Usman Salis
