​​Ether Is Seen Bouncing Off Key Technical Support At $4,105.53-To-$3,941.08 Where To Next?

(MENAFN- DailyFX (IG)) ​​​Ether news

​Ethereum has been under increased scrutiny amid institutional interest and strong on-chain metrics.

​Standard Chartered recently raised its year-end target for Ether to $7,500.00, citing greater corporate holdings and upticks in stablecoin usage on the Ethereum network.

​Alongside that, Citi maintains a more conservative forecast around $4,300.00, noting that current prices may already be reflecting sentiment more than fundamental activity.

​Nevertheless, there are signs of potential vulnerability with Monday's 5% drop, attributed to a combination of profit taking following recent gains, mixed sentiment in exchange-traded fund (ETF) flows, and pressure from derivatives (future/option) markets where open interest has been volatile.

​​Ether bullish case:

​Ether is seen bouncing off its key $4,105.53-to-$3,941.08 support area which consists of the March, May and December 2024 as well as the July 2025 highs.

​The late August-to-September lows at $4,214.82-to-$4,315.82 may act as resistance.

​Monday's high at $4,458.29 needs to be overcome, for the medium-term bull run to resume.

​Ether bearish case:

​Were Ether to fall through its major $4,105.53-to-$3,941.08 support zone, the 21 July high at $3,858.25 may be retested.

​Only a major bearish reversal and fall through the next lower early August low at $3,356.65 would increase the odds of a medium-term top forming, though.

​In this scenario the area between the February-to-June highs at $2,879.45-to-$2,733.27 may be hit.

Ether daily candlestick chart Source: TradingView Important to know

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