ETH regains bullish momentum, but resistance levels remain crucial
Ethereum (ETH) bounced strongly above $4,100 on September 29, recovering from a sharp pullback earlier in the week. The second-largest cryptocurrency by market capitalization showed renewed strength after defending a critical support zone, sparking optimism among traders.
The chart highlights Ethereum’s rebound after testing the $3,850–$3,880 support area, a level that has historically acted as a demand zone. Following the bounce, ETH reclaimed the $4,100 mark, pushing into a short-term resistance range.
BITX Market analysts view this move as a positive shift in momentum. “Ethereum’s defense of the $3,880 zone was crucial. The recovery above $4,100 suggests buyers are willing to step back in, but a close above $4,200 would strengthen the bullish case,” one technical strategist explained.
Ethereum now faces resistance in the $4,200–$4,250 range, where previous breakdowns occurred. A decisive breakout could open the path toward $4,500 and potentially $4,700, levels that capped earlier rallies in September.
On the downside, immediate support lies near $4,000, with a deeper pullback potentially retesting the $3,850 zone. “If ETH fails to hold $4,000, the market could revisit the $3,760 demand block,” BITX analyst noted, warning traders to remain cautious.
The move comes amid improving sentiment in the broader crypto market, where both Bitcoin and altcoins have shown resilience. Growing expectations around Ethereum’s future scaling upgrades and institutional adoption continue to support long-term bullish sentiment. However, volatility remains high as traders weigh global macroeconomic conditions and shifts in liquidity.
Ethereum’s surge above $4,100 has restored confidence among traders, but the battle at $4,200 resistance will likely determine the next short-term direction. Sustaining this momentum could signal a stronger rally toward September highs, while rejection may keep ETH trading in a broader consolidation range.
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.