TLDR
- ETH’s price movement shows potential for temporary dip to $3,500 range
- Price currently holding at $3,650 with strong technical support
- Analyst Carl Runefelt identifies ascending channel pattern
- 4-hour 200 MA at $3,629 serves as key technical level
- Historical data suggests strong performance potential in post-halving period
Ethereum’s price action has captured market attention as it hovers around the $3,650 mark, displaying a complex technical setup that suggests an upcoming period of price discovery. Recent market data reveals a pattern that could shape ETH’s next major move.
Trading activity shows ETH maintaining position above the critical 4-hour 200 moving average, currently situated at $3,629. This technical level has emerged as a crucial battleground for bulls and bears in recent trading sessions.
Market analyst Carl Runefelt recently took to X to share detailed technical analysis of ETH’s current market structure. His examination reveals an ascending channel formation, a pattern that often precedes continued upward movement, though not without potential short-term pullbacks.
The current price structure suggests strong support has formed around the $3,600 level, with buyers consistently stepping in to defend this zone. However, technical indicators point to the possibility of a temporary retracement before the next sustained move higher.
Volume analysis shows steady accumulation at current levels, though not yet reaching the intensity typically associated with major market moves. This pattern of measured buying suggests traders are positioning themselves while remaining cautious of potential near-term volatility.
The 4-hour chart reveals a series of higher lows, traditionally interpreted as a bullish market structure. However, shorter timeframe indicators suggest some exhaustion in the recent upward momentum, adding credence to the possibility of a tactical pullback.
Looking at historical data, particularly focusing on post-halving periods, ETH has shown a pattern of strong performance during these cycles. This historical context has contributed to the generally optimistic outlook among market participants for 2025.
Technical analysis of the current market structure indicates that a retest of the $3,500 support zone could materialize in the coming trading sessions. This level has previously served as a strong foundation for price action and continues to draw trader attention.
On-chain metrics paint a picture of healthy network activity, with transaction volumes maintaining steady levels and user adoption showing consistent growth. These fundamental factors provide additional context to the current technical setup.
The ascending channel pattern currently in play offers clear levels for traders to monitor. The upper boundary suggests potential resistance near $3,800, while the lower boundary coincides with support around the $3,500 region.
Institutional participation in ETH markets continues to show growth, with major exchanges reporting steady volume increases. This institutional interest adds another layer of support to current price levels and suggests growing market maturity.
Recent price action demonstrates respect for key technical levels, with clear reactions at both support and resistance zones. This behavior provides traders with well-defined areas for potential entry and exit points.
Market reaction to the break above the 200 moving average suggests cautious optimism among traders, though many appear to be waiting for additional confirmation before committing to larger positions. This measured approach reflects the broader market sentiment.
Trading indicators on the daily timeframe maintain a generally positive bias, though some momentum oscillators suggest near-term overbought conditions. This technical setup often precedes short-term price corrections within larger uptrend structures.
The latest market data shows ETH maintaining its position above $3,650, with immediate resistance at $3,700 and support at $3,600. Trading volume remains consistent with recent averages, indicating stable market participation at current levels.
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