Ethereum Trapped in Bearish Channel – Bulls Target $4,788 Rebound if Critical Support Holds

Ethereum's price action paints a classic technical battle—trapped within a descending channel pattern that's testing trader resolve.

The Make-or-Break Level

All eyes lock onto that crucial support zone. Break below, and bears seize control. Hold firm, and ETH bulls get their shot at a rally targeting the $4,788 resistance—a move that would smash through current psychological barriers.

Market Mechanics at Play

Volume patterns suggest accumulation near support, while funding rates remain neutral—no extreme greed flashing yet. This sets up a potential coiled-spring scenario if broader crypto sentiment shifts bullish.

Another day, another 'critical support' level for traders to hyperventilate over—because apparently, drawing lines on charts counts as financial analysis now.

ETH Holds Steady Near $4,190 As $4,150 Support Faces Test

Ash Crypto, in his recent ethereum 4H chart analysis shared on X, pointed out that ETH is currently trading around $4,190, holding just above the key $4,150 support zone. This level has been acting as an important cushion for price action.

He further noted that Ethereum’s price movement is unfolding within a falling channel, a pattern that typically reflects short-term corrective pressure. This comes after the strong upward rally seen earlier this month, suggesting that the market is currently pausing and consolidating gains before deciding its next major direction.

According to the analyst, if buyers can defend the $4,150 support, ETH may gain sufficient strength to attempt a breakout from the channel. Such a move could pave the way for a retest of the $4,788 resistance level or the all-time high zone. A successful push above this area WOULD likely ignite renewed bullish momentum and possibly extend the larger uptrend.

On the other hand, if the $4,150 level gives way under sustained selling pressure, Ethereum could face a deeper retracement. The next strong support lies around $3,900, a level that aligns with higher-timeframe support zones. This makes it a crucial area for bulls to defend, as a failure to hold there could shift market sentiment and signal the start of a more extended correction.

Ethereum’s Next Move Hinges On Key Price Levels

In his analysis of Ethereum, Ash crypto emphasized the importance of momentum and key levels to watch closely. He pointed out that ETH is currently trading within a short-term bearish structure, characterized by a series of lower highs and lower lows on the chart. 

Despite this temporary weakness, Ash highlighted that a breakout above the falling channel would be a major shift in momentum. Such a MOVE would flip the current bearish outlook into a bullish one, signaling the possibility of renewed upside pressure and a potential continuation of the broader uptrend.

On the downside, the most critical support remains at $4,150. If this level fails to hold, the next strong support can be found at $3,900. As for the upside, the resistance to watch is $4,788. A successful retest and breakout above this level would likely confirm a strong bullish reversal, opening the door for ETH to push into uncharted territory.