Ethereum cliffhanger: will $4K save the bulls?

Feelings are still mixed in the cryptocurrency market over whether bears or bulls will take the lead, and Ethereum (ETH) is sitting on a razor’s edge where its price is testing the crucial $4K support zone, and results will decide if ETH will rebound to $4,400 or face a deeper correction.

Indeed, if buyers step in to hold $4,000, Ethereum could rebound toward $4,400 in the short term, creating a much-needed relief rally after a steep pullback, according to the analysis by crypto trading expert Ali Martinez shared in an X post on September 24.

As it happens, ETH has already shed nearly 20% from recent highs. Still, some see this as an opportunity, including crypto analyst Michaël van de Poppe, who noted that compression was building and the 20-week moving average (MA) was closing in, which is a setup that often precedes a major move. 

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In his opinion, this is “not a bad spot to be accumulating your first positions.”

What’s next for ETH?

At the moment, Ethereum is changing hands at the price of $4,189.68, which suggests a decline of 0.03% in the last 24 hours, a more significant dip of 6.79% across the previous seven days, and an accumulated drop of 8.31% on its monthly chart, according to the latest information.

All things considered, if ETH manages to hold the support at $4,000, the immediate target is $4,400. Beyond that, breaking resistance around $4,500 could open the door for a retest of $4,800. That said, if the market’s largest altcoin loses the $4K handle, the next support zone sits around $3,800 – $3,900, with a risk of further downside if that fails.