Ethereum’s price has struggled to generate any significant upside pressure since hitting an all-time high of $4,946 in August. The second-largest cryptocurrency’s bullish momentum has mostly waxed and waned, hitting a high of $4,750 twice in the last few weeks.
After reaching this local peak on Tuesday, October 7, Ethereum’s price has been steadily dwindling in recent days. This bearish pressure intensified at the end of the week when the price of ETH fell to $3,700 following US President Donald Trump’s imposition of tariffs on China.
Interestingly, the latest technical outlook still points to a possible journey for the altcoin to the $5,000 level.
Major technical resistance levels to watch
In a fresh post on Platform X, pseudonymous cryptocurrency analyst Darkfost revealed that the Ethereum price may enter a fresh phase in the coming weeks – which may reach $5,000. According to the analyst, the value of the altcoin may have reached the lowest level of the current phase (wave 4) after the market deterioration caused by Trump’s tariffs.
Darkfost highlighted that Ethereum price found support at the 200-day exponential moving average (EMA) around the $3,500 level on the daily time frame. The analyst added that this exact region was once identified as an attractive entry area for dollar cost averaging (DCA).
Additionally, Darkfost highlighted the powerful bearish sentiment in the market, as evidenced by the relative strength index falling below the 50 threshold. However, the cryptocurrency expert believes that investors can watch for a positive reaction and whether the bullish momentum can trigger a “wave 5”, despite the potential resistance at 50 RSI.
Darkfost also noted that the 21-day and 50-day EMAs will act as a significant resistance zone for Ethereum price around the $4,250 zone on the daily time frame. The assessment of the position of these exponential moving averages aligns perfectly with a potential rebound of ETH’s RSI above the 50-mark threshold.
According to a cryptocurrency analyst, Ethereum’s price could eventually reach the widely expected $5,000 level if it manages to overcome these significant barriers.
Etherum Price Overview
According to CoinGecko data, the ETH price is currently off the record high of $4,946 (reached about 2 months ago) by more than 24%. This paints a picture of the journey the second-largest cryptocurrency would have to take to reach the highly coveted $5,000 level.
At the time of writing, Ethereum is trading at around $3,741, reflecting a decline of over 4% in the last 24 hours. The altcoin’s record is even worse on a weekly basis, having lost over 16% of its value in the last seven days.
Featured image from iStock, chart from TradingView
