Ethereum has surged 24% in just over a week, surpassing key resistance with heavy volume and signaling renewed bullish momentum. With the bullish structure still intact, attention now shifts to whether ETH can maintain the move towards the $4,956 target or first pause for a brief pullback.
Ethereum Rallies 24% Resistance – Is a Next Pullback to $2,150 Expected?
After a rapid rise of 24% over the last 8 days, ETH has reached a major resistance level and is showing signs of rejection. According to Max Trades, this vertical movement occurred without any significant retracement, making a cooling off period very likely. A pullback at this point is considered a healthy part of the market cycle to reignite momentum.
The main target for a possible long entry is the $2,150 level, which previously acted as strong resistance. The pattern is further strengthened by the technical confluence, as this price level closely aligns with a key Fibonacci retracement level and sits above the weekly open.
Currently, exponential moving averages (EMA) are positioned below the spot price, providing a dynamic cushion. This suggests that the broader trend remains intact despite the immediate need for a price correction. Risk management is defined by a clear invalidation point below the $2,080 support level, which coincides with the Fibonacci Golden Pocket, a critical zone that buyers must defend.
ETH Breaks Key Resistance With Volume – Is $4,956 Target Now In Play?
In an update, Kamile Uray noted that Ethereum broke above the pink resistance level on the chart with high volume; a move that stands out compared to Bitcoin, which has yet to generate a similar high-conviction breakthrough. The increased volume adds credibility to the move, suggesting that bullish momentum is gaining traction.
From a shorter perspective, a sustained 4-hour close above the $2,475 level would serve as the first confirmation that the uptrend can continue. Holding above this zone could strengthen the breakout structure and signal that buyers remain in control in the near term.
The broader outlook remains bullish as long as Ethereum continues to defend the 4-hour time frame low of $1,916. Maintaining this level keeps the market structure favorable for further upside within the current trend.
Uray also highlighted that the Libra formation is still in play, with an upside target near $4,956. However, the $3,445 level appears as key resistance on the upside, where a rejection could trigger a temporary pullback before continuation. On the downside, the formation would be invalidated if the price falls below the $1,388 level, making it the critical stopping point of the bullish scenario.
