Ethereum Surges 24% in 8 Days — Analysts Eye Pullback
Analyst Max Trades warns that a cooling-off period is now highly likely after Ethereum's 24% rally over eight days without meaningful retracement.
Key Takeaway
ETH's 24% rally with zero pullback makes a healthy retracement to $2,150 support the next logical move.
Ethereum climbed 24% over the past eight days without a meaningful retracement, pushing analyst Max Trades to warn that a cooling-off period is now highly likely.
Max Trades said a pullback at this stage would be a healthy part of the market cycle to reset momentum. He identified ₱128,617 ($2,150) as the primary target for a long entry, marking the previous range-high resistance level. A sustained close above ₱148,059 ($2,475) on the 4-hour chart would confirm upward trend continuation.
Analyst Kamile Uray noted that Ethereum broke above a pink resistance level with strong volume, forming a Libra pattern with an upside target of ₱296,477 ($4,956). Uray said Ethereum's breakout stands out compared to Bitcoin, which has yet to deliver a similar high-conviction breakout. She flagged ₱206,086 ($3,445) as a key resistance level that could trigger rejection before any push higher.
The pullback scenario depends on defending two critical levels. Support sits at ₱124,429 ($2,080), which aligns with the Fibonacci Golden Pocket and acts as an invalidation point for the retracement idea. Below that, $1,916 becomes the line in the sand. Uray said the broader outlook remains bullish as long as Ethereum continues to defend the $1,916 bottom on the 4-hour timeframe.
If bears break through those supports, the formation falls apart. The invalidation level sits at $1,388, where the entire bullish setup would be thrown out. The Libra formation's upside target of $4,956 would mark a fresh rally phase, but only after Ethereum navigates the $3,445 resistance and holds above $2,475.
This article was written based on reporting from NewsBTC.
