Ethereum’s price has broken a market structure, signalling potential growth. After initially falling to $1,415, aggressive buying led to support around $1,500 and now the hope is to break above $1,900. Analysts predict that if this happens, levels like $2,800 and even $4,400 could be realistic targets as momentum builds.
Ethereum’s price has recently shown significant movement, completing what analysts are calling a market structure break. This change is particularly noteworthy after weeks of indecision below critical price levels. Technical analysis indicates that after finding support around $1,500, buyers seem to be taking the reins again, sparking speculation around a potential surge past $4,400.
A crypto analyst known as SwallowAcademy recently took a close look at Ethereum’s weekly candlestick chart. Their analysis highlighted a clean break in market structure just above the $1,500 mark. Earlier in the month, the price plummeted to around $1,415 — a dip that looked ominous for bullish traders. However, rather than continuing downward, this prompted aggressive buying that has seemingly shifted market sentiment.
The resurgence in buyer interest has acted to neutralize previous selling pressure, which in turn has set a new, more bullish tone for Ethereum. Since that low, the cryptocurrency has been rebounding, managing to establish support levels around $1,500 quite consistently. This resilience in the market has created a situation often interpreted as a transition from bearish to bullish price action.
As Ethereum’s price began to climb, it soon found itself nearing the key resistance level at $1,900. This particular price point aligns with the 50-week moving average, and breaking above it on a weekly closing basis could signal the start of a significant upward trend for Ethereum. If bulls can maintain the momentum and break through $1,900, it could lead to upward targets of $2,800 and $4,400 in the near term.
Diving a bit deeper into daily charts reveals a fair value gap (FVG) between $1,900 and $2,800. This area is important, because analysts believe that filling this gap is essential for a smoother rally moving forward. There’s a cluster of exponential moving averages in that zone which ideally should be retested to avoid the sort of volatility that affected Ethereum’s price earlier this year.
With the current bullish momentum, Ethereum appears poised to clear the $1,900 resistance level on the daily timeframe. If this holds, there’s optimism that it could close above that level impressively on a weekly timeframe as well. A successful breach could confirm a run toward $4,000, along with other potential targets like $2,300 and even $4,900.
As it stands, the last trades for Ethereum were recorded at around $1,830, signalling that traders are definitely watching for definitive movements in the near future. If market sentiment continues as it is, a dash towards that $4,400 threshold doesn’t seem too far-fetched.
