According to CRYPTOWZRD, in a recent article postboth Ethereum and ETH/BTC closed on a bearish note, but quickly recovered, demonstrating ETH’s resilience and new buyer confidence. He noted that a price move above $4,000 would be an important development and could be a key turning point for Ethereum’s momentum.
Bearish daily close reflects the direction of the Bitcoin market
CRYPTOWZRD further explained: Ethereum And the bearish close of the ETH/BTC daily candle followed Bitcoin’s lead. Despite the negative closing price, Ethereum showed relative strength compared to most other cryptocurrencies and maintained a more resilient structure during the decline. This reflects the asset’s continued dominance in the altcoin market.
He pointed out that ETH/BTC has now reached its key. support target zone. Market behavior around this level will be crucial in determining whether Ethereum is preparing for a rebound or risks further consolidation. a recovery If Ethereum can hold this support area and maintain its current stability, a move towards $4,170 remains possible.
The analyst emphasized that a return above $4,000 would be an encouraging signal and prove a successful retest of the lower support area. Such a move could reignite bullish sentiment and set the stage for renewed upward momentum in the short to medium term. However, CRYPTOWZRD warns: Bitcoinprice movements will continue to drive broader market trends.
Heading into the weekend, analysts acknowledged that the market remained unpredictable. bullish And the bearish scenario continues. The focus now remains on monitoring shorter time frame chart formations to identify potential scalp opportunities, he said.
Market faces major liquidation event and experiences extreme volatility
In conclusion, CRYPTOWZRD pointed out that Ethereum’s intraday chart shows extreme results. volatility The market experienced one of the most violent liquidation events in history. Despite the turmoil, he emphasized that Ethereum has returned to positive territory by regaining the $4,000 level.
He explained that a retest of the intraday resistance at $4,260 could be an important turning point in the short term. This zone will be crucial in determining whether Ethereum can maintain its recovery or face renewed downward pressure. If the price trend shows weakness after testing this level, it could open the door to short-term opportunities as momentum begins to wane.
CRYPTOWZRD acknowledged that weekend trading often results in lower volatility and unpredictability, adding that it remains open to both bullish and bearish scenarios. market Action. With this in mind, he said he would continue to monitor price movements, waiting for the next clear trading regime to emerge before taking any decisive action.
Featured image from Getty Images, chart from Tradingview.com
