Ethereum Price Analysis: ETH Builds Bullish Momentum But Key Resistance Still Stands

Ethereum is showing signs of strength again as it attempts to reclaim key resistance levels after a sharp early-October ￰0￱ bounce from the lower boundary of the descending channel has brought it back toward $4,150. Momentum is building, but the market remains cautious ahead of key resistance ￰1￱ Analysis By Shayan The Daily Chart On the daily chart, the asset is retesting a supply zone just under the top of the descending ￰2￱ rejection wicks from last week showed clear seller interest, but today’s candle is pushing back into that region, suggesting a potential breakout ￰3￱ 100-day moving average, located around $4,150 mark, is acting as resistance for now, while the 200-day moving average sits much lower, around the $3,300 ￰4￱ ETH manages to close above $4,200 and the higher boundary of the pattern, the next test will likely be around $4,600.

Yet, buyers still need stronger ￰5￱ 4-Hour Chart On the 4-hour chart, ETH pierced into the orange supply zone at $4,200, but is facing a quick ￰6￱ zone is just below the top of the descending channel, adding more ￰7￱ RSI also printed an overbought signal and has turned down from these elevated levels, indicating a potential short-term pullback or consolidation. However, higher lows are still forming, and the recent rally from $3,600 has been sharp, showing aggressive buyers stepping in on ￰8￱ Analysis Funding Rates Sentiment across the Ethereum futures market is showing signs of growing optimism, but it has not yet reached a dangerous ￰9￱ rates have turned consistently positive after some significant negative prints, especially during the September and early October ￰10￱ suggests that more traders are positioning long, expecting further upside.

However, funding isn’t excessively high, meaning the market hasn’t yet entered a euphoric or over-leveraged phase. That’s a healthy sign for continuation, especially if the price manages to break above the current resistance range.