Peter Smith
Ethereum continues trading within an ascending channel, showing resilience through short-term pullbacks. The current chart setup indicates that while temporary dips may occur, the underlying bullish framework remains solid. Traders are watching key support and resistance levels as ETH eyes a potential rally toward the $7,000–$8,000 range.
Technical Setup Holds Strong
Trader The KİNG emphasized his commitment to following this setup "without changing a single line," reflecting confidence in ETH's long-term path. Despite recent price swings, Ethereum has maintained its broader uptrend by holding crucial support levels. The chart reveals a recent bear trap where ETH briefly dropped below support before bouncing back sharply—a typical signal that buyers remain engaged.
Key levels to monitor:
- Support Zone: Around $3,440, where ETH consistently finds buying interest
- Immediate Resistance: $4,760–$5,150, the critical hurdle bulls need to clear
- Trend Channel: ETH respects the ascending channel, indicating steady accumulation
- Macro Target: With sustained momentum, ETH could push toward $7,200–$8,000
The chart also displays multiple CHoCH (Change of Character) and BOS (Break of Structure) signals, which often signal strong continuation moves ahead.
What's Driving the Optimism
Beyond chart patterns, Ethereum has solid fundamental support. Institutional demand for ETH remains robust, while DeFi adoption keeps expanding across the network. The deflationary mechanism from EIP-1559 gradually reduces supply, and speculation around a potential ETH ETF adds extra fuel to bullish sentiment.
Peter Smith
