Ethereum has found support near $3,130, a zone that lines up with both the 0.618 Fibonacci retracement and the 50-week moving average. These two indicators are often used to measure retracement levels during a trend and, in this case, have acted as a base after recent market pressure.
As of today, ETH was trading around $3,332.17. The price is down 3.24% over the past 24 hours and 12.72% over the past week. Despite this, the hold above $3,130 suggests that buyers may be defending this level.
$4,000 Remains a Key Test
A move toward $4,000 is possible if Ethereum continues to trade above its current support. The $4,000 area lines up with previous resistance and sits near the 0.5 Fibonacci retracement level, around $3,450. If momentum builds, this zone may become the next major price test.
Chart structure also points to a longer-term setup. Projections based on earlier moves show potential price extensions to around $6,284 and $8,818. These levels follow the measured length of a previous impulse wave. In a recent post, TheLongInvest said, “Let’s see a return to $4000 next and the worst can be behind $ETH.”
OBV Suggests Volume Still Under Pressure
While the price has held, the volume data tells a different story. The On-Balance Volume (OBV) chart shows a downward trend. In early October, OBV broke below a rising support line and has since moved within a descending channel. This reflects lower buying interest relative to selling pressure.
IncomeSharks commented,
“We got a little bump yesterday that flipped a lot back to being bullish when we have not made any sort of V shape reversal or breakout.”
The trend in OBV suggests that volume momentum remains weak. Without a change in this pattern, confirmation of a trend shift may take more time.
Support and Resistance Levels in Focus
If ETH stays above the $3,130 area, a test of $4,000 becomes more likely in the near term. If the current level fails, the next key zones are near $2,828 and $2,115. These levels reflect past trading ranges and align with deeper retracement levels. They may offer stronger support if selling resumes.