TL;DR

Ethereum may retest $3,700–$3,800 as ETF demand cools and the price stalls below resistance. Analysts highlight $4,500 as a key short-squeeze level with strong topside liquidity. Despite short-term weakness, market experts continue to project a $10,000 target for ETH.

Ethereum Nears Resistance as Market Cools

Ethereum was trading at $4,330 at press time after gaining just over 1% in the last 24 hours, but is down 2% over the past week. After a strong move earlier this year, the current price action shows signs of slowing as it approaches a key resistance level near $4,900.

Notably, technical analyst Ted noted that ETH is nearing its bull market support band. This is a zone based on moving averages, often seen as a support level in an upward trend. The current band sits between $3,246 and $3,486.

Ted also mentioned that ETF buying has dropped, which could lead to a short-term move down. He pointed out that Ethereum may retest the $3,700–$3,800 range before trying to move higher again.

$ETH is approaching its bull market support band.

ETFs buying for Ethereum has also gone down, which signals a correction.

A possible retest of the $3.7K-$3.8K level before reversal could happen.

Remember, in the long term, $ETH is going to $10,000. pic.twitter.com/fYts6QWtDC

$4,500 Mark Draws Attention from Traders

Data from a recent liquidation heatmap shows large clusters of short positions stacked just above the $4,500 level. These are trades that would be forced to close if the price moves higher, creating the potential for a rapid price spike.

Crypto Rover commented, “$ETH SHORT SQUEEZE INCOMING!” referring to the idea that a break above $4,500 could force traders to buy back their positions. This would push the asset up quickly. So far, price action has remained below this zone, but the chart shows clear interest around this level.

Possible Short-Term Drop Before Next Move

Another analyst, Crypto Caesar, noted that after rising from $1,400 to $4,800, some sideways movement is expected. “As long as we don’t break the $4,500 level with conviction, I think we might revisit this green zone,” he said, pointing to a potential drop if momentum weakens.

With buying volume cooling and ETF interest slowing, a temporary dip remains possible. Still, most analysts see this as part of normal market behavior, especially after a strong move.

Ted has kept his long-term outlook unchanged, with a target of $10,000 for Ethereum. He continues to point to strong network growth and market structure as key reasons.

Cipher X also backed Ethereum’s future, writing,

“Ethereum is not just another blockchain… it’s the most dynamic and fastest growing digital economy on the planet.”

He expects ETH to reach $8,000 this year, especially if expected rate cuts come into play.

Despite short-term uncertainty, sentiment around Ethereum’s long-term value remains strong among analysts.