Ethereum is holding firm within the $3,600–$3,800 range, showing resilience despite recent market pullbacks. Such a consolidation phase could be the calm before a major breakout, as chart patterns hint at a possible pre-rally formation that might propel ETH toward new all-time highs.
Potential Right Shoulder Formation Signals Structural Strength
Crypto analyst MarketMaestro delivered a detailed technical update on ETH, noting that the asset recently suffered a key rejection at its neckline resistance. Following this failure, the price is now positioned in a crucial retest phase at a red diagonal resistance line that it had previously surpassed. ETH’s market’s success in holding this diagonal is essential to avoid completely losing the bullish momentum built up in the prior moves.
Related Reading: Ethereum Slides Gradually — Buyers Losing Control As Market Turns Cautious
The analyst further noted that the current price movement suggests ETH could be forming a right shoulder in this region. This structural development is highly significant because the right shoulder simultaneously works to complete two major, highly bullish chart patterns.
It is the final component needed to create the handle for the Cup and Handle pattern, while forming a larger Inverse Head and Shoulders (Inverse H&S) pattern. The simultaneous formation of both the Inverse H&S and the Cup and Handle in the same area is extremely rare and powerful, indicating that the market is setting the stage for highly bullish formations for the next quarter.
Considering this powerful confluence of classic reversal and continuation patterns, along with the behavior of the broader market index, MarketMaestro views this entire consolidation phase not as weakness but as a logical pre-rally setup. He concludes with a high degree of confidence that the “pain threshold” or the maximum expected downside risk will likely not be very high.
Bullish Bias Intact As Long As Support Remains Firm
In a recent update, analyst Crypto Candy noted that the ETH scenario remains largely unchanged, despite recent market movements. A key takeaway from the analysis is that the asset is demonstrating significant resilience by strongly holding the crucial support zone between $3,600 and $3,800.
Related Reading: Here’s What Happens To The Ethereum Price If Bullish Momentum Holds
The analyst reiterated the importance of this specific range, emphasizing that as long as the $3,600–$3,800 zone successfully sustains, the medium-term bullish outlook remains firmly in place. This suggests that buyers are aggressively defending this level, preventing a deeper correction from continuing.
Given the strength shown at this support level, Crypto Candy maintains a strong price forecast: the market is expected to target $4,700, with the potential to reach a new ATH. This bullish bias, the analyst concludes, remains valid until the $3,600–$3,800 support zone is breached.
Featured image from Getty Images, chart from Tradingview.com
