Subhead: ETH struggles near $4,600 after rejection at weak high; traders eye support zones below
Ethereum’s price has slipped to around $4,527, showing a decline of nearly 1.6% in the past 24 hours, as technical resistance levels halted its recent rally. The move comes after the second-largest cryptocurrency tested the upper band near $4,800, where sellers defended what analysts describe as a “weak high.”
The four-hour chart highlights a series of descending trendlines that capped earlier attempts at recovery in late August and early September. Although Ethereum broke through those barriers last week, momentum has cooled, pushing the market back toward key support zones.
“Ethereum is consolidating after a strong breakout, but the rejection near $4,800 suggests bulls need more volume to sustain higher levels,” said BITX market strategist.
The first support lies between $4,400 and $4,450, an area that recently acted as a springboard for the breakout. Below that, the $4,200–$4,250 zone could serve as a deeper cushion, while major structural support remains closer to $3,900–$4,000.
Trading volumes show a spike during the breakout above $4,500, but activity has tapered off in recent sessions, hinting at hesitation among buyers. Experts argue that while fundamentals such as institutional inflows remain supportive, the charts indicate a short-term corrective phase.
With Bitcoin maintaining dominance near all-time highs, Ethereum’s ability to reclaim and stabilize above $4,600 will be critical in restoring market confidence. Until then, traders expect continued choppiness as ETH consolidates gains from its summer surge.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.