Ethereum (ETH) prices are under serious pressure, and are currently trading nearly $4,014 after a 10.32% decline in the past week. This pullback follows a volatile September, with traders looking at key price levels that can determine their next major move.
Ethereum price resistance zone exceeds $4,000
In a recent tweet, market analyst Ali Martinez has identified three important levels of resistance based on GlassNode’s UTXO Realized Price Distribution (URPD) data. These levels are clustered around $4,158, $4,307 and $4,505. This is an important area that Ethereum must break through to run towards a new all-time high.
In particular, these price ranges represent heavy historical purchase zones. If Ethereum attempts to rebound, these levels could serve as a sales pressure zone, as investors who bought near previous highs may consider leaving at Breakeven.
However, if the bulls dominate and ET overcomes this resistance, it could open the door to a higher price target.
Ethereum last hit an all-time high of $4,950 in August, and is now over 19% from its peak. While many analysts remain optimistic about moves above $5,000 this year, Ethereum must first conquer these current levels of resistance to regain bullish momentum.
Related: Ethereum price forecast: ETH slides to $3,990 when ETF leaks weigh on emotions
ETH Price Support Level
Martinez also highlighted three major support zones that massive amounts of ETH have moved previously: $3,515, $3,020 and $2,772. These levels can serve as a key area of buyer interest if the decline continues.
After ETH initially fell below $4,000, Martinez warned that there would be little meaningful support up to $3,500. In the ongoing bearish phase, ETH temporarily touched on $3,820 before rebounding slightly to $4,000, but the recovery lacked strong momentum.
Market Outlook: $10,000 ETH is still possible
URPD data shows where people have purchased in the past, helping traders find key price levels. With Ethereum just above $4,000, traders are closely watching whether prices will drop even further or begin climbing towards an all-time high.
Despite market challenges, optimism about Ethereum remains strong. Some analysts believe it could reach $10,000 this year.
Tom Lee, co-founder of FundStrat and chairman of Bitmine, predicts that Ethereum could reach $10,000-$12,000 by the end of the year as it enters what is called “Real Price Discovery.” He cites increased support from Wall Street and policymakers as key factors driving Ethereum neutrality, scalability, and the outlook.
In support of this belief, Bitmine shifts its financial strategy and focuses on Ethereum. The company currently owns over $10 billion ETH of 2.41 million, making it the world’s largest Ethereum Treasury Department.
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