Analyst: Ethereum is short-term bearish; if it breaks through the $4,600 resistance level, it may have a chance to reach $5,000.
ChainCatcher reports that crypto analyst @ali_charts stated that if Ethereum's 4-hour closing price stands above $4,500, it will mark a breakout of the recent high point downward trendline and suggest that bullish momentum may be recovering.
The next key resistance level is at $4,600. If Ethereum can decisively break through this level, it may open the channel for a return to $5,000. However, at present, Ethereum is still trading in the middle of the channel, following the downward trendline. The SuperTrend indicator is still showing a sell signal. Unless Ethereum can regain the $4,500 level and turn it into support, the short-term outlook remains bearish.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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