Ethereum Support Band Under Pressure — Can Bulls Revive Momentum From $3,700?

Ethereum is once again testing the strength of its key support band around the $3,700 zone, a level that has acted as a crucial lifeline for bulls in recent ￰0￱ momentum fading after repeated rejections near resistance, speculations are whether buyers can step in to spark a renewed push upward or if a deeper correction is on the ￰1￱ Pulls Back After Golden Pocket Rejection In his latest market update, Luca shared insights on Ethereum’s current technical setup, noting that the asset recently faced rejection at the high-timeframe resistance zone he had highlighted in earlier ￰2￱ rejection aligns with the golden pocket between the 0.5 and 0.618 Fibonacci points of interest (POIs).

Following this rejection, Ethereum’s price has retreated into the broader accumulation range marked in green on his ￰3￱ Reading: Why This Analyst Is More Bullish On XRP Over Ethereum For The Short-Term According to Luca, this accumulation zone has served as a strong reversal area in recent months, providing crucial support whenever price corrections ￰4￱ also coincides with the Weekly Bull Market Support Band, reinforcing its importance as a potential turning point in Ethereum’s next major ￰5￱ this, the analyst cautioned that the current market structure appears vulnerable to a ￰6￱ emphasized that while he remains optimistic about Ethereum’s long-term potential, if the breakdown is confirmed, he plans to stay objective by hedging part of his spot ￰7￱ so, he believes, would help reduce exposure to downside volatility while keeping capital ready to re-enter the market once a more sustainable bullish reversal ￰8￱ concluded by reiterating his adaptive trading strategy, a balance between flexibility and ￰9￱ maintaining moderate cash positions and exposure to defensive assets, he ensures the ability to act quickly when clear opportunities arise while safeguarding capital during volatile market ￰10￱ Holds The Mid-Range Support Zone Between $3,600–$3,700 According to GrayWolf6, Ethereum is currently trading within a defined range between $3,900 and $3,100, with the price recently touching the mid-range support area around $3,600–$3,700.

He noted that the Stochastic RSI is flashing a bullish signal, hinting at the potential for a short-term rebound from this zone as buyers begin to regain ￰11￱ Reading: Is The Ethereum Bull Cycle Over? Analyst Identifies Potential ‘Double Top’ Pattern GrayWolf6 further explained that since ETH reached $4,250 just a few days ago, another move toward the upper band remains a ￰12￱ the price reclaim strength, the next upside target could extend to around $5,200. Despite this optimistic outlook, the analyst cautioned that Ethereum remains confined within the lower range, keeping the downside risk near $3,100 in ￰13￱ mentioned taking profits on his earlier short position and is now watching closely for signs of a bounce from this intermediate support ￰14￱ him, the strategy remains steady, risk-managed, positions hedged, and the next move is patiently ￰15￱ image from iStock, chart from ￰16￱