Ethereum Soars Towards $4009.0

Ethereum began the year with a clear bearish shift in market structure. In December, a double top pattern formed at the $4009.0 level, which triggered a strong downside move. This led to a double Break of Structure (BOS) in January, confirming the bearish momentum. The subsequent downtrend resulted in a dramatic 66% decline in ETH’s value, ultimately bottoming out in April.

The new trend has unfolded in well-defined phases. It began with an impulsive bullish reversal that marked the end of the prior downtrend. This was followed by a corrective phase, during which the price ranged between $2737.0 and $2326.0. Recently, Ethereum has re-entered its impulsive phase and is now surging once again—rapidly approaching the key resistance level at $4009.0.

Ethereum Key Levels

Demand Levels: $2326.0, $1472.0, $890
Supply Levels: $4091.0, $4869.0, $5000

What Are the Indicators Saying?

The Hull Butterfly Oscillator indicates that bullish momentum remains exceptionally strong. The current rally continues with such force that it offers very few clear entry points—except when examined on lower timeframes, where short-term pullbacks might emerge.

Meanwhile, the Parabolic SAR (Stop and Reverse) on the daily chart reflects a smooth and consistent upward trajectory, confirming that the trend is firmly in favor of the bulls. Ethereum appears poised to maintain its upward momentum as it targets new highs beyond the $4009.0 resistance level.

 

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