At the time of writing, ETH trades just above $4,100, slipping 1.5% in the past 24 hours.
Recent chart action shows Ethereum struggling to hold momentum after peaking near $4,800 earlier this month. The Relative Strength Index (RSI) hovers around 45, suggesting neither overbought nor oversold conditions, leaving the market open to both bullish and bearish scenarios.
Some analysts see echoes of past recoveries. Market commentator Crypto Rover highlighted similarities between today’s setup and Ethereum’s $1,380 bottom in previous cycles, calling it a potential springboard for a new leg higher.
“Send it higher,” Rover wrote, sharing side-by-side charts that suggest ETH could be repeating a strong recovery pattern.
Others warn caution may be warranted. Ali Martinez (known as Ali Charts) argued Ethereum could retrace much deeper, with technicals leaving room for a drop toward $2,400 if support zones fail.
His chart analysis points to a historical pattern of sharp corrections following local peaks, implying current levels may not hold.
This split outlook underscores the uncertainty gripping Ethereum traders. While one camp envisions ETH repeating its history of explosive rebounds, the other fears that the asset may need a deeper reset before any sustainable uptrend.
For now, Ethereum remains caught between optimism for a renewed surge and concerns that the market could still test lower levels. The coming weeks may determine whether ETH confirms a new bullish cycle – or slips into a harsher correction first.
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