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Ethereum's Price Dynamics: Recent Support Test and Future Outlook

Ethereum recently encountered a significant Fibonacci support level around $4,100. As anticipated, ETH reached this cluster and has since shown signs of recovery. Ethereum Support Level Analysis However, the question remains: Is this the beginning of a substantial rally or merely a temporary movement within a corrective wave?

Critical Support Zones

Ethereum's price structure currently relies on several key support levels. The $4,100 mark serves as the immediate major liquidity cluster and current support base. Should this level fail, the next Fibonacci support awaits at $3,665, with a final crucial bullish structure defense point at $3,374. Breaking below this last threshold would significantly damage ETH's positive market structure. Ethereum Key Support Levels Analysis

Short-Term Price Action Analysis

Looking at recent lower timeframes, Ethereum has touched the $4,100 level in a liquidity sweep before bouncing back toward the 23.6% Fibonacci retracement level. Throughout this movement, ETH has maintained close alignment with Bitcoin, which also reached its corresponding 23.6% Fibonacci level. Currently, ETH continues forming lower lows and lower highs, signaling a bearish short-term structure, though indications suggest we may be entering the early stages of a B-wave bounce according to Elliott Wave analysis. Ethereum and Bitcoin Price Analysis: Short-Term Structure and Fibonacci Levels

Elliott Wave Perspective on Ethereum's Movement

The recent descent to $4,100 could be classified as an A-wave, potentially forming either a leading diagonal or WXY structure. ETH now appears to be in a B-wave bounce phase, which could potentially surpass resistance levels before a subsequent C-wave pullback. A strong, overshooting B-wave would increase the likelihood that ETH will maintain levels above $4,100 in the broader corrective pattern. Ethereum Elliott Wave Analysis and Support Levels

Key Resistance Levels to Monitor

As Ethereum potentially continues its upward trajectory, important resistance zones stand at $4,331, $4,416, and the critical $4,500 threshold. Breaking above the $4,500 mark could potentially invalidate the current corrective structure, opening the path for Ethereum to reach new cycle highs. Ethereum Price Resistance Levels and Potential Breakout Analysis