Ethereum holds above $3,000 as technical indicators signal potential 10-15% rally. Analysts highlight monthly patterns suggesting consolidation over continuation after 45% decline.
Ethereum has reclaimed the $3,000 support level, sparking optimism among traders as technical indicators point toward a potential relief rally. The second-largest cryptocurrency by market cap is showing signs of stabilization after a brutal 45% decline, with key resistance levels now in focus.
According to TedPillows on X, Bitcoin has fully reclaimed the 4-hour EMA200 level, signaling that the relief rally has started across major cryptocurrencies. This broader market strength is providing tailwinds for Ethereum's recovery attempt.
$BTC has now fully reclaimed the 4H EMA200 level. More signs that the relief rally has started.
The asset is currently holding firm above the $3,000 threshold, a psychologically important level that has historically acted as both support and resistance. TedPillows further noted on X that if Ethereum successfully reclaims the $3,200 level, it could rally another 10%-15%.
$ETH is still holding above the $3,000 support zone. If Ethereum is able to reclaim the $3,200 level, it could rally another 10%-15%.
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Monthly Pattern Suggests Consolidation Over Continuation
KillaXBT analyzed on X that ETH displays a clear recurring pattern on monthly closes. After major selloffs or pumps, bottoms tend to form on indecisive, long-wick candles that have played out repeatedly over the past few years.
$ETH - Looking at monthly closes, ETH has a clear recurring pattern: after major sell offs or pumps, bottoms tend to form on indecisive, long wick candles. This has played out repeatedly over the past few years.
With Ethereum already down 45% from recent highs, it's sitting in a zone where stabilization appears more likely than further downside. The technical analyst suggests January and February favor consolidation or green closes as the network works to set lower highs and rebuild liquidity.
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Traders Eye Key Levels for Position Entry
Short-term trading opportunities are emerging as ETH tests critical resistance. CryptoTony__ shared on X that the $3,150 level represents immediate resistance, with traders advised against rushing into positions until the price action becomes clearer.
$ETH / $USD - Update - Currently at resistance so no rushing into positions now. If we reject then we can short down to $3050 or if we flip this level at $3,150 then we can long up. Those are your plays today.
The trading setup presents two scenarios. A rejection at current levels opens the door for shorts down to $3,050, while a successful flip of $3,150 resistance would validate long positions targeting higher levels. This tactical approach reflects caution after months of choppy price action.
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Trading volume remains moderate as Ethereum attempts to establish a base above $3,000. The confluence of technical indicators, historical patterns, and Bitcoin's recent strength suggests the relief rally could extend if bulls maintain control above key support zones.
Also check: Ethereum Faces Key Rejection at $3,050 Resistance
The coming sessions will prove critical for ETH as it navigates resistance levels that could determine whether this recovery morphs into a sustained uptrend or fizzles into another failed breakout attempt.
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ETH Eyes 15% Rally as Bulls Reclaim $3,000 Zone
Ethereum reclaims $3,000 support with analysts projecting 10-15% gains if bulls flip $3,200 resistance as relief rally emerges across crypto markets.