Ethereum has bounced strongly from $3,800, a level backed by the 0.618 Fibonacci and VWAP
ETH’s correction into $3,800 found immediate buyer interest, marked by an engulfing candle that confirmed market strength. Despite a lack of immediate follow-through, the setup has reinforced confidence in the bullish trend.
Key Technical Points:
– Bounce from $3,800 confluence zone (Fibonacci + VWAP).
– Bullish engulfing candle reinforced strength at support.
– Daily support reclaimed, opening path toward $4,950.
The $3,800 region served as a critical pivot for Ethereum. Price respected this zone and rebounded with strong momentum, confirmed by a bullish engulfing close. The reclaim of daily support marks a structural improvement, creating conditions for continuation.
Volume and follow-through remain key. Sustained buying pressure above current levels would confirm the bullish bias and open the door to higher targets. Failure to hold daily support would weaken sentiment and expose ETH to another corrective move.
What to Expect in the Coming Price Action:
As long as ETH trades above daily support, a rally toward $4,950 is the likely scenario. Losing this level would reduce bullish confidence and reopen downside risk.
