TL;DR Despite bleeding out lately, Ethereum continues to show bullish 0 analysts see recovery hinging on ETH reclaiming $4,200, while others lean bearish, eyeing a slide to $3,500 unless support 1 the Bulls Coming Back? Ethereum, which was at the forefront of gains this summer, briefly plunged below $4,000 earlier today (September 25) amid an ongoing red wave passing through the entire crypto 2 later surpassed the psychological level but remains 12% down on a weekly 3 the negative performance, three crucial factors signal that a resurgence could be on the 4 first one is the diminishing supply of ETH tokens stored on crypto exchanges.
CryptoQuant’s data shows that today the figure has dropped to a nine-year low of around 16.3 million 5 development indicates that many investors have switched from centralized platforms to self-custody solutions, which in turn reduces immediate selling 6 in line is Ethereum’s Relative Strength Index (RSI). The technical analysis tool examines the asset’s recent price movements to indicate whether it has entered oversold or overbought 7 ranges from 0 to 100, and readings below 30 suggest that the first scenario could be in play, which can result in a 8 of press time, the RSI stands at roughly 9 RSI,). Additionally, smaller players may view this as an encouraging sign and join the ecosystem by distributing fresh 10 Analysts’ Take According to X user Lennaert Snyder, Ethereum’s road to recovery goes through a crucial reclaim of $4,200.
“Watching that level for confirmation shorts and longs after the 11 $3,900 support brings us to the $3,700 zone, holding that is key to maintain the weekly uptrend,” he 12 analyst, using the X moniker Ted, leaned more bearish for the short 13 predicted that ETH will most likely retest $3,800, which could result in a further downtrend to $3,500. On the other hand, if it holds this level, “a rally will happen.”
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