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Ethereum just pulled a surprise upward move after dipping below key support and its rising trendline. The sudden rebound caught bears off guard, fueling speculation about whether this was a mere fakeout or the start of a fresh rally.
Fakeout Fools The Bears: Ethereum Reclaims Critical Support
In a recent post on X, UniChartz drew attention to a classic fakeout move by ETH, where the price momentarily dipped below a significant support level and an ascending trendline, only to reclaim both shortly after. This sudden reversal disrupted bearish expectations, especially for those anticipating a deeper drop. Instead of confirming a breakdown, ETH snapped back above the key zone with notable strength, shaking up short-term sentiment.
According to UniChartz, this kind of false breakdown often traps bearish traders and can act as fuel for an upward move if momentum builds. The reclaim of the support zone is a strong technical signal, indicating that bulls are still in control for now. It not only invalidated the bearish thesis but also injected fresh optimism into the market, hinting at the possibility of a short-term rally.
Still, UniChartz cautioned that follow-through is critical. If ETH can hold above this reclaimed area and form higher lows, it could set the stage for continued upside. However, any weakness or failure to maintain the level could lead to another shakeout.
From Breakdown To Breakout? Key Levels In Focus
After reclaiming the previously lost support level, Ethereum is showing signs of strength, but whether it can sustain this momentum remains the key question. The bounce has surprised many, especially after what looked like a clean break below a rising trendline and horizontal support. The current price action suggests bulls are regaining control, but the road ahead is lined with several resistance hurdles that could stall or reverse the advance.
The first level to watch lies around the $2,858 level, where Ethereum previously struggled to maintain traction. This area marks a confluence of short-term resistance from prior price rejections. A decisive close above this could open the door for a push toward $3,360, a level that has historically acted as a pivot zone and may attract both profit-taking and fresh short positions.
Beyond that, the $3,659 level stands as a key psychological and technical barrier. This region is where bears have previously reasserted control, and reclaiming it would be a statement of intent from the bulls. Only a sustained break above this zone, ideally on strong volume, would signal a shift back toward a more dominant uptrend, potentially eyeing $4,100 and beyond.
For now, the reclaimed support offers a solid base, but Ethereum’s upward journey depends on the bulls defending it convincingly and clearing these major resistance zones with strength and consistency.
Featured image from Getty Images, chart from Tradingview.com
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