Ethereum (ETH) is moving under bearish pressure and experiencing a decline in its price, with downward market conditions. Bitcoin is moving in a downward direction, impacting the overall market, but ETH is still expecting a bullish reversal. If a successful breakout occurs, it will lead to a new all-time high for ETH.
At the time of writing, ETH is trading at $4,757.04 with a 24-hour trading volume of $45.79 billion and a market cap of $574.29 billion. The ETH price over the 24 hours is down by 1.17%, but over the last week is up by 7.59%, showing a high potential for the next major rally.
ETH price targets new highs as bulls hold $4,600
According to the crypto analyst Ted, Ethereum (ETH), the second-largest cryptocurrency in the world by market capitalization, has registered a new all-time high, highlighting bright bullish momentum in the broader crypto market. Investors and traders are eyeing ETH price action closely as it hovers above important support levels.
Right now, the $4,600 mark serves as a primary support area, and trading above this region would indicate renewed strength and determination by the buyers. Defending this support successfully could open the way to additional advances, possibly leading to new record highs in the sessions ahead. The analysts are in favor of persistent buying demand above $4,600 to confirm Ethereum’s bullish breakout and propel momentum upwards.
But if ETH suffers a deeper pullback, the next significant support area is around $4,370, which can act as a cushion for the buyer and invite renewed accumulation. If ETH battles these significant levels, traders are recommended to closely observe price action and effectively manage risk, as volatility can bring along challenges and also opportunities.
