- ETH is testing the $3,870 level, which may unlock $4,500 and $5,600 if broken with high volume.
- Bitcoin trades near $118K while holding its bullish channel and midline support zone.
- ETH ETFs have recorded 14 consecutive days of positive inflows, showing rising interest.
Ethereum (ETH/USDT) is nearing a crucial resistance zone between $3,870 and $3,900, with the asset trading at $3,591 at press time. According to analyst Marzell, a clean breakout above this zone on strong weekly volume could trigger a move toward $4,502 and potentially extend to $5,623. Ethereum’s price has consistently struggled to break this zone in past cycles, making it a key level for directional confirmation.
Ethereum’s Price Action and Technical Levels
Marzell’s analysis outlines a possible near-term rejection from the $3,869.31 resistance point. He anticipates a pullback toward the 0.618 Fibonacci retracement near $2,797, with further downside to $2,505 not ruled out. A deeper correction could even reach $2,134, but such a drop would likely require a major shift in sentiment and volume behavior.
The current weekly structure shows ETH climbing into the supply zone after several weeks of bullish candles. The momentum needs confirmation via volume and price stability above the $3,900 mark. Without that confirmation, the risk of a false breakout increases, leaving traders watching price reaction closely within this upper resistance band.
If ETH holds above the key support at $2,797 and builds structure, the bullish thesis remains intact. A clean breakout would open the path toward new targets not seen since the previous cycle highs. Traders remain positioned around this zone, waiting for either rejection or acceleration above $4,500.
Bitcoin Holds $118K as Uptrend Channel Holds Firm
Bitcoin (BTC/USDT) is consolidating at $118,210 after an intraday dip of 0.46%, according to TradingView as of press time. The chart shows price holding inside a rising parallel channel, with support at $117,358—the 0.236 Fibonacci level—and resistance at $123,276. The session recorded a high of $119,273 and a low of $117,247, reflecting tight consolidation above trend midline support.
The 9-day SMA at $118,348.79 now acts as resistance within the bullish structure. Meanwhile, the MACD indicator reflects weakening momentum, with the MACD line at 2,716 trailing below the signal line at 2,888, and it has a histogram reading of -171.
Traders continue to monitor a breakout above $120,000 to confirm sustained bullish strength. A daily close above $123,000 would confirm a continuation, with BTC likely dragging ETH along in broader market moves.
Related: ARK Invest Bets on Ethereum, Acquires Bitmine in $174M Shift
ETF Inflows Strengthen Ethereum’s Macro Setup
Ethereum ETFs have now recorded 14 consecutive days of net positive inflows as of Wednesday. BlackRock’s ETHA led the pack with $324.63 million, followed by VanEck’s ETHV with $3.95M and Fidelity’s FETH with $3.59M.
The spot ETH ETFs have a cumulative total net inflow of $8.65B. Furthermore, it has been their best ever, as days have passed with high inflows documented by Bitcoin ETFs. Such flows do not only confirm the institutional narrative of ETH, but they also increase confidence as it nears a breakout zone.
With such a correlation between the high trading volume of ETFs and the positioning of ETH, the next important question arises: Does the breakout of Ethereum signal the next run above $5600, or will it fall into resistance once again?
