- ETH trades near $4,200 after slipping more than 8% this week.
- Support zones sit at $4,000–$4,100, with $3,860 as a fallback.
- Bulls want a reclaim of $4,400 to reset momentum toward $4,600+.
Ethereum is struggling to hold ground near $4,200 after losing almost 6% in the last 24 hours. Over the past week, ETH has slipped more than 8%, with price action bouncing inside the $4,200–$4,600 range. On the daily chart, traders continue to use the 21 EMA as a short-term guide while ETH looks for solid support.
Analyst Sees Potential Retest of $4,000
Market watcher EGRAG CRYPTO noted that this pullback might be setting up a relief rally. He suggested that a retest of the $4,000 zone remains “very much alive.” Key support sits around $4,000–$4,100, with $3,860 as a secondary level to watch.
On longer timeframes, Ethereum has already broken out of a descending broadening wedge. This technical structure often points to a healthy retest before a bigger push higher. EGRAG even suggested ETH could eventually make a run toward $10,000–$12,000, provided overall market sentiment holds strong.
Triangle Breakdown or Just a Shakeout?
Analyst Ash Crypto shared a different perspective. He pointed out that ETH recently broke down from a symmetrical triangle formation that had been building since mid-July. This kind of move usually sparks stop-loss triggers and short-term volatility.
Ash described the drop as possibly just a final reset before upside resumes. Support levels to watch are between $4,160–$4,200, with a deeper target at $3,850–$3,900 if selling continues. On the upside, reclaiming $4,400 would signal strength, opening the door to $4,600–$4,800.
The Key Level at $4,000
Right now, the $4,000 zone is critical for ETH’s direction. If Ethereum can defend this level, it could recover toward $4,600 and beyond. If not, the pullback risks extending down toward $3,850.
The coming daily and weekly closes will likely determine whether this drop was just a shakeout before a bigger Q4 rally, or whether a deeper retracement is underway.
