Ethereum News Today: Ethereum Holds $3,546 Support With $4,104 Target in Clear Sight

Ethereum has demonstrated resilience by maintaining price above $3,546, with traders closely monitoring the $4,104.30 level as the next potential milestone. On the three-day chart via Bitstamp, the cryptocurrency has remained in an uptrend after rebounding from a consolidation zone between $2,850 and $3,200, identified as a key demand area by market observers [1].

Analyst EliZ highlighted on X that as long as Ethereum remains above the yellow box on the weekly chart, the overall bullish momentum is intact. A break below this zone would signal a shift toward weakness, but so far, the price has shown no signs of giving way [1]. The recent consolidation above $3,546.10 has reinforced sentiment among traders, who view the current structure as a continuation of a broader uptrend that began from a foundational level around $1,875 earlier in the year.

The $4,104.30 level remains a critical focus, as it has historically acted as resistance following several unsuccessful breakout attempts in early 2024. While multiple rejections occurred near this level in the past, current price action suggests a potential breakout could be on the horizon if demand remains strong. Traders are preparing for the possibility of a consolidation phase before Ethereum makes a final push toward this target [1].

Market participants are also watching the red line at 0.75 (likely a retracement marker) as a near-term support level. A drop below this threshold could trigger a pullback, but as long as Ethereum remains above it, the bullish bias is likely to continue. Analysts have noted that volume behavior will be a key factor in determining whether the price can sustain its current trajectory [1].

Looking ahead, weekly closing prices will play a decisive role in shaping the direction of the trend. A close below the yellow box would be the most immediate signal of weakness, while continued closes above $3,546 reinforce the possibility of a new high. The importance of time-based confirmation remains central, with many traders reacting to each weekly close to adjust positions accordingly.

Source: [1] Ethereum Holds $3,546 Support With $4,104 Target in Clear Sight (https://cryptonewsland.com/ethereum-holds-354-support-with-4104-target/)