- ETH tests resistance near $3,800 with potential 12.8% pullback to $3,260 liquidity zone.
- BTC above $120K could push ETH to $4,000, triggering altcoin double-digit gains.
- Trading volume rises 37.95% amid volatile swings; market cap steady at $455 billion.
Ethereum (ETH) has tested resistance four times without a big correction as noted by analyst Michaël van de Poppe. He predicted that if Bitcoin rises above $120,000, Ethereum could reach $4,000, possibly leading to double-digit returns across altcoins. As of press time, the asset is trading near $3,741, pushing against a strong supply zone between $3,780 and $3,820 that has repeatedly capped price advances.
The three-hour Binance chart shows Ethereum struggling within this resistance band, where a possible rally with a 12.8% drawdown toward $3,260 is flagged, corresponding to a series of long stop orders below recent higher lows, indicating liquidity that could be targeted if the price rejects resistance.
Recent price action features an impulse leg in mid-July, followed by a sequence of lower highs inside the resistance range. The Relative Strength Index (RSI) shows bearish divergence, with less volume compared to the initial rally, signaling reduced buying pressure as ETH retests resistance levels.
Beyond this immediate liquidity area, a larger demand zone spans $2,850 to $2,700, providing additional support if the nearer levels fail, while longer-term support remains near $1,000 to $1,400, where previous market corrections found footing.
Related: Ethereum Bulls Could Reject Analyst’s Projected Consolidation to $3,300
Trading Activity and Market Metrics
Ethereum’s market capitalization stands at $455.22 billion, with a fully diluted valuation closely aligned. Trading volume in the past 24 hours surged to $28.91 billion, a 37.95% increase from the previous day, reflecting active trader engagement amid price swings.
On July 25, ETH dipped to an intraday low around $3,610 before recovering toward the $3,750 region by July 26. This rebound followed a consolidation phase that lasted several hours the previous evening.
Ethereum’s next move depends on whether it can break and hold above the $3,820 resistance level. A confirmed breakout could remove bearish short-term signals and set the stage for a test of local highs near $3,900 and potentially beyond.
Related: Ethereum Faces Breakout Moment as Top Analyst Eyes $10K Bull Market Target
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