Ethereum Hovers Near $4K as Bearish Pressure Tests Key Support

Key Insights:

The Ethereum price trades near $4,106 with weekly losses and a bearish MACD.

The $4,000 support is important; a break could trigger a deeper downside.

Analysts predict a long-term target of $10,000.

Ethereum (ETH) is currently trading at around $4,106, marking a 2.57% daily decline and 2.3% loss over the past week, according to Tradingview data. After a rejection at $4,245, short-term price action has leaned bearish, putting pressure on the critical $4,000 support zone.

ETH price chart | Source: Tradingview

On the technical side, the Relative Strength Index (RSI) sits at 43.17, suggesting that ETH is approaching oversold territory but is not yet in extreme conditions. The MACD indicator continues to flash red, with the MACD line positioned below the signal line, a bearish crossover that signals persistent downward momentum.

Volume has remained modest at 267.35K, pointing to a lack of conviction from both bulls and bears. Without a surge in volume, major moves are unlikely in the near term.

In terms of price structure, Ethereum’s immediate support sits at the $4,000 psychological level, which has been tested several times in recent sessions. If this level breaks, ETH could fall toward $3,850 or $3,700, where buyers are expected to step in more strongly.

Conversely, bulls will be looking for a clear breakout above $4,245, the recent local high. If that happens, the next targets lie at $4,400 and $4,600, the latter being a key resistance from early September.

Market Outlook Split as Analysts Watch $4K Defense

Despite short-term weakness, Ethereum’s medium-term market structure still shows a pattern of higher lows, a bullish sign. However, the inability of Ethereum to sustain levels above $4,200 has cast doubt on the momentum of any potential breakout.

If the RSI dips below 40, and BTC fails to stabilize, the ETH price may see further downside pressure in early October. On the other hand, improved macro sentiment or Bitcoin strength could help Ethereum rebound swiftly.

Crypto analyst Ted Pillows highlighted the importance of $4,000, calling it a make-or-break level for Ethereum. He emphasized that ETH needs to close a strong weekly candle above $4,000 for upward continuation, comparing it to how $12,000 functioned for Bitcoin in 2020.

Ted Pillows’ Ethereum price prediction | Source: X

Fellow analyst Moustache offered a more bullish long-term perspective, noting that Ethereum has formed a right-angled descending broadening wedge. 

Moustache ETH price prediction| Source: X

According to him, ETH is currently retesting the top of this pattern, a zone where market sentiment is typically bearish, which historically marks an optimal entry point. His cycle target for Ethereum stands between $10,000 and $12,000.

While opinions differ, one thing remains clear: the Ethereum price must hold $4,000 or risk a shift in sentiment and structure.