Ethereum has returned strongly from the end of September lows and now presses back in the direction of key resistance levels. The recent step has shifted the momentum, but Overboughteconditions and supply zones can provide challenges in the short term.
Technical analysis
By Shayan
The daily graph
ETH is traded above $ 4,500 in its broader rising channel on the daily graph. The actively has recovered and pushed the support area of $ 4,000, but it is now approaching the $ 4,800 resistance zone that has covered earlier rallies.
The RSI is still around 57, still on neutral territory, which shows that there is room for continuation if the momentum persists. Holding above $ 4,000 maintains the wider bullish structure, while a daily close to $ 4,800 would mark a large outbreak to new all times above $ 5,000.
On the other hand, as long as the 100-day advancing average, located around $ 3,900, is not broken to the disadvantage, the market trend would still remain bullish.
The 4-hour graph
At the 4 -hour period, ETH sharply came from the $ 3,900 demand block, which reduced the $ 4,200 level and the win is extended to $ 4,500. RSI stuck in Overbought levels above 70, with a small withdrawal already visible.
Short -term structure shows a strong momentum, but sellers can re -use around $ 4,600 stock zone. If the price consolidates above $ 4,200, ETH could set a new push higher, while it does not hold on to keep that level a return to $ 3,900- $ 4,000 support area. This can lead to a break under the rising channel, which could shift the total market structure to Beerarish.
Onchain -analysis
Reserve -Reserve
The exchange reserves for ETH have fallen to 16.1 million, which marks a steady decrease of several years. This indicates that fewer coins are kept at trade fairs, a bullish structural signal that suggests a reduced sales pressure. Historically, such falls have merged with large accumulative phases and rallies.
Because the supply on exchanges is falling at a significant fast pace and reaches the lowest in years, the outlook of ETH remains favorable in the medium term, especially if the demand continues to build around the range of $ 4K. Of course it is essential that the futures market does not go through a liquidation cascade that could overwhelm the spot market demand and lead to a price crash.
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