Ethereum’s price has finally reached a significant obstacle following months of rallying. Yet, there are still reasons to be optimistic that the market can climb higher.
The price has dropped to the $3,600 support level, which is currently holding. If ETH rebounds from here, the market might be able to rise above $4,000 and make a new all-time high in the coming weeks. On the other hand, a breakdown can lead to a decline toward $3,000.Looking at the 4-hour timeframe, the price has seemingly experienced a shift in structure. The market has been making lower highs and lows since its rejection from the $4,000 resistance zone.
Ethereum’s price has been rallying aggressively over the last few weeks. Yet, the recent drop below the $4,000 level has shocked market participants and caused panic selling by some holders.