Ethereum is currently trading around $3,987, sitting near the 0.382 Fibonacci retracement level from the recent swing low ($3,509) to swing high ($4,759).
Price action has been consolidating between the descending resistance trendline (red) and the ascending support trendline (green), forming a symmetrical triangle pattern.
A bullish breakout above the descending resistance (~$4,100-$4,150) could confirm the start of a new upward leg, potentially targeting:
$4,280 (0.618 Fib level) as the first resistance
$4,490-$4,500 zone as the extended bullish target
Alternatively, a rejection from the resistance trendline could trigger a short-term pullback toward the ascending support near $3,900-$3,850 before another attempt higher.
Key levels to watch:
Support: $3,900 / $3,805 / $3,510
Resistance: $4,135 / $4,282 / $4,500
Outlook:
The structure remains bullish-biased while the price stays above the green trendline. A confirmed breakout and retest of the red descending trendline could open the path toward $4,500 in the coming sessions.
