Ethereum price has struggled to exert significant upward pressure since hitting the all-time high of $4,946 in August. The second-largest cryptocurrency’s bullish momentum has been up and down, reaching the high of $4,750 twice in recent weeks.
After reaching this local peak on Tuesday, October 7, the price of Ethereum has been falling steadily in recent days. This bearish pressure intensified by the end of the week, with the price of ETH falling as low as $3,700 due to the imposition of tariffs on China by US President Donald Trump.
Interestingly, recent technical outlooks still suggest a possible trip to the $5,000 mark for the altcoin.
Key Technical Resistance Levels to Watch
In a new article on Platform According to the analyst, the altcoin’s value may have reached its lowest level (wave 4) after the market slowdown induced by the Trump tariffs.
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Darkfost highlighted that Ethereum price found support at the 200-day exponential moving average (EMA) around the $3,500 level on the daily time frame. This exact region had once been identified as an attractive entry zone for Dollar-Cost Averaging (DCA), the analyst added.
Furthermore, Darkfost highlighted the strong bearish sentiment in the market, as shown by the Relative Strength Index falling below the 50 threshold. However, the crypto expert believes that investors can watch for a positive reaction and whether the bullish momentum can reignite “wave 5”, despite the potential resistance at the 50 RSI mark.
Darkfost also noted that the 21-day and 50-day EMAs will act as an important resistance zone for Ethereum price around the $4,250 area on the daily time frame. Assessing the position of these exponential moving averages aligns perfectly with ETH’s potential RSI recovery above the 50 threshold.
According to the crypto analyst, Ethereum price could finally reach the widely expected $5,000 level if it manages to overcome these significant hurdles.
Ethereum Price Overview
According to data from CoinGecko, the price of ETH is currently drifting more than 24% from the all-time high of $4,946 (reached approximately 2 months ago). This gives an idea of the journey the second-largest cryptocurrency would have to go through to reach the coveted $5,000 level.
At the time of writing, the Ethereum price stands at around $3,741, reflecting a decline of over 4% in the past 24 hours. The altcoin’s record is even worse on a weekly time frame, having lost more than 16% of its value over the past seven days.
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Featured image from iStock, chart from TradingView
