- Ethereum eyes $4,100 as it tests long-term resistance in bullish market setup.
- Altcoin market shows breakout signs, but ETH may dip 10–16% before surging.
- Fear and Greed Index at 55 shows neutral sentiment as market nears key breakout.
The altcoin market is showing strong signs of a potential breakout, and according to new analysis, the entire trend is being driven by Ethereum’s position on its long-term charts.
As ETH closes in on a major “make-or-break” resistance level, traders are watching closely for what could be the start of a new altcoin season.
Ethereum at a Critical Crossroads
According to an analysis by Dan Gambardello, Ethereum is currently testing a long-term resistance trendline that dates all the way back to the previous bull market peak. He notes that ETH is in a classic “busted pattern,” having recovered back above a previous breakdown point to now challenge the final trendline.
If Ethereum can break above this level, it could confirm a major reversal and kick off a surge toward the $4,100 mark.
However, caution is warranted. Ethereum’s short-term risk model has declined from 57 to 45, signaling consolidation rather than breakout. Historically, this has led to higher prices 64% of the time after three months.
Gambardello also suggests a massive inverse head and shoulders pattern may be forming. If the current support levels hold, this long-term pattern could have a speculative price target as high as $10,000. However, he cautions that a short-term dip to retest support near the 50-day moving average, about 10–16% below the current price, remains a real possibility.
Current Market Overview
This bullish technical setup for Ethereum comes as the broader market shows signs of strength. As of press time, the global crypto market cap stands at $3.76 trillion, with coins like Solana (SOL) jumping 4.64% and Ethereum (ETH) itself up 3.03% to $3,669.
According to CoinMarketCap data as of press time, the global crypto market cap stands at $3.76 trillion, with a 24-hour trading volume of $144.48 billion.
The market chart indicates an upward trend over the past several months, particularly since mid-year, an environment that could provide favorable tailwinds for Ethereum’s continued rise.
Among major cryptocurrencies, Bitcoin (BTC) is priced at $114,697.54, showing a 0.18% increase. Ethereum (ETH) is trading at $3,669.00, up by 3.03%. BNB stands at $764.05, rising 0.9%. Solana (SOL) has experienced a 4.64% jump, currently at $170.43. XRP is valued at $3.0599, having increased by 2.3%.
Despite these gains, overall market sentiment remains balanced. The Fear and Greed Index is at a neutral 55, suggesting investors are neither overly fearful nor euphoric.
At the same time, the Altcoin Season Index is at 44, which indicates that a full-blown altseason has not yet started. This “cool” sentiment, combined with the powerful long-term chart patterns, is exactly what many analysts look for as a sign that a major move could be quietly building up.
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