Ethereum (ETH) price prediction: If it recovers to $4710, a new round of pump may begin, with the trend highly correlated to Bitcoin.

The price of Ethereum has started a new round of decline from the $4630 area, currently showing bearish signals and may further dip to $4460. If the price breaks through the resistance level of $4710 with higher trade volumes, it may trigger a rebound towards $4820-4880. In the medium term, it may challenge the psychological level of $5000 (to be considered in conjunction with the overall trend of Bitcoin and the favourable information expectations for Ethereum 2.0). This article analyzes key support and resistance levels for crypto assets investors based on technical charts and market data, and provides trading strategy references for both bullish and bearish scenarios.

1. Market Status Analysis

The price of Ethereum has entered a correction phase after failing to effectively break through the resistance level of $4630, showing a high correlation with Bitcoin's movement. The current price has fallen below $4580 and the 100-hour simple moving average (SMA), and during the session, it further dipped below the key support level of the ascending channel ($4600), indicating a bearish short-term technical structure.

2. Key Technical Points

(Source: TradingView)

1. Fibonacci Retracement Analysis:

Current resistance: 50% retracement level (downward wave from 4956 to 4310) forming pressure.

Key breakout level: If it recovers 4710 USD (38.2% retracement level) or starts a new round of increase.

2. Bull-Bear Watershed:

Upper resistance levels: 4580→4630→4710→4820 USD

Support levels below: 4460→4420→4310→4240 USD

3. Technical Indicator Signals:

Hourly MACD: Bearish momentum continues to strengthen, located below the zero axis.

Hourly RSI: Continues to operate below the neutral line of 50, with selling pressure dominating.

III. Market Trend Forecast

Bull Market Reversal Scenario If the price breaks through the resistance at $4710 with higher trade volumes, it may trigger a rebound to $4820-4880, with a medium-term challenge to the psychological level of $5000 (which needs to align with the overall trend of Bitcoin and the favorable expectations for Ethereum 2.0).

The bear market scenario continues. If it remains constrained by the resistance level of $4630, it may test the support level of $4460 again. Once it falls below $4420 (previous low support), the downside target will look towards $4310 (October low) and even $4150 (200-hour moving average support).

4. Operational Recommendations (for Crypto Assets Traders)

Short-term trading: Encounter resistance in the 4580-4630 range, consider taking a small short position, with a stop-loss set above 4710.

Medium-term layout: If it dips to the support range of 4310-4240, you can build positions in batches, betting on a technical rebound.

Risk Warning: Pay close attention to Bitcoin trends and news related to ETH2.0, and guard against sudden fluctuations.

Conclusion

Ethereum is currently at a critical stage of a tug-of-war between bulls and bears, and the gains or losses at the $4460 support level will determine the short-term direction. It is recommended that investors adopt a gradual accumulation strategy and strictly control position risk.