Ethereum is holding steady in the $3,600-$3,800 range, showing resilience despite recent market pullbacks. Such a consolidation phase could be the calm before a major breakout, as chart patterns suggest a possible pre-rally formation that could propel ETH to new all-time highs.
Potential Right Shoulder Training Signals Structural Strength
Crypto analyst MarketMaestro provided a detailed technical update on ETH, noting that the asset recently suffered a key rejection at its neckline resistance. Following this failure, the price is now positioned in a crucial retest phase on a red diagonal resistance line that it had previously exceeded. The success of the ETH market in maintaining this diagonal is essential to avoid completely losing the bullish momentum accumulated during previous movements.
Related reading: Ethereum gradually slips – buyers lose control as market turns cautious
The analyst further noted that current price action suggests that ETH could form a right shoulder in this region. This structural development is very significant as the right shoulder works simultaneously to complete two major and very bullish chart patterns.
This is the final component needed to create the handle of the Cup and Handle pattern, while forming a larger inverted Head and Shoulders (H&S) pattern. The simultaneous formation of the Inverse H&S and Cup and Handle in the same area is extremely rare and powerful, indicating that the market is setting the stage for very bullish formations for the next quarter.
Given this powerful confluence of classic reversal and continuation patterns, as well as the behavior of the broader market index, MarketMaestro views this entire consolidation phase not as weakness but as a logical pre-rally setup. He concludes with a high degree of confidence that the “pain threshold” or maximum expected downside risk is unlikely to be very high.
Bullish bias intact as long as support remains firm
In a recent update, Crypto analyst Candy noted that the ETH scenario remains largely unchanged, despite recent market movements. One of the key takeaways from the analysis is that the asset is showing significant resilience by firmly holding the crucial support zone between $3,600 and $3,800.
Related Reading: Here’s What Happens to Ethereum Price If Bullish Momentum Holds
The analyst reiterated the importance of this specific range, emphasizing that as long as the $3,600-$3,800 zone holds, the medium-term bullish outlook will remain firmly in place. This suggests that buyers are aggressively defending this level, preventing a deeper correction from continuing.
Given the strength demonstrated at this support level, Crypto Candy maintains a strong price prediction: the market should target $4,700, with the possibility of reaching a new ATH. This bullish bias, the analyst concludes, remains valid until the support zone of $3,600 to $3,800 is crossed.
