TLDR
- Ethereum price currently trades at $4,037 after gaining 1.16% in the past 24 hours
- Technical analyst Javon Marks spots bullish divergence pattern with $8,000 price target
- John Bollinger identifies ‘W’ bottom formation signaling potential trend reversal for ETH
- VanEck submits filing for staked Ethereum ETF featuring Lido protocol integration
- Key resistance level sits at $4,811 while support holds at $3,840
Ethereum shows renewed strength as technical patterns and institutional developments align. The cryptocurrency trades at $4,037 following a recent recovery from lower support levels.
Technical analyst Javon Marks identified a bullish divergence on Ethereum’s price chart. His analysis suggests ETH could move toward the $4,700 region in the near term.
Marks pinpointed $4,811 as a critical resistance level. Breaking above this price could open the pathway to his projected $8,000 target zone.
The recent recovery maintained support near $3,700. This level has formed a solid accumulation base where buying interest remains consistent.
Ethereum bounced from $3,444 on the daily chart and formed a bullish pennant flag pattern. The 0.618 Fibonacci retracement level at $4,255 serves as the next immediate resistance.
Traders are watching the $4,757 breakout threshold closely. A move above this level could confirm the uptrend and target the 1.618 Fibonacci extension at $5,568.
Bollinger Confirms Pattern Formation
John Bollinger observed a ‘W’ bottom structure developing on Ethereum’s chart. This pattern typically indicates double-dip recoveries and improving market resilience.
The formation features a higher second low, suggesting accumulation is occurring. Bollinger noted that Ethereum and Solana display this structure, while Bitcoin does not show the same technical confirmation.
His analysis adds technical credibility to the bullish outlook. The pattern forms within Bollinger Bands, reinforcing the structural setup.
VanEck ETF Filing Adds Institutional Element
VanEck recently filed for a staked Ethereum ETF with U.S. regulators. The proposed fund integrates liquid staking through the Lido protocol.
This filing represents growing institutional engagement with Ethereum’s staking infrastructure. Lido already manages substantial staked ETH assets across the network.
The combination of regulatory progress and technical patterns strengthens the current market framework. Both factors contribute to renewed confidence among market participants.
Short-Term Levels and Price Action
Ethereum faced rejection near the $4,050 resistance zone recently. The price dropped below $4,000 after failing to hold above key Fibonacci levels.
A bullish trend line broke at $3,960 on the hourly timeframe. The price now trades below its 100-hour Simple Moving Average.
Resistance appears at $3,980, with additional barriers at $4,050 and $4,080. Breaking through these levels could push ETH toward $4,120 and potentially $4,250.
Support levels sit at $3,860 and $3,840 on the downside. A break below $3,840 could lead to further decline toward $3,820 or $3,680.
The hourly MACD shows momentum in the bearish zone. The Relative Strength Index sits below 50, indicating short-term weakness.
Market participants are monitoring whether Ethereum can reclaim the $4,000 level and push through resistance. The technical setup combined with VanEck’s ETF filing provides a framework for potential upward movement.
Ethereum’s recovery from $3,677 established a base for the current price action. VanEck’s staked ETF filing includes integration with Lido’s liquid staking protocol, which manages staked assets for thousands of users.
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