Ethereum (ETH) is currently navigating a critical technical juncture, with analysts closely watching a long-term bullish pattern known as the Libra formation on its weekly chart. Highlighted by analyst Kamile Uray, this pattern remains active and unbroken, keeping a potential upside scenario toward the $4,956 high firmly in play. However, confirmation is still pending, and the price faces significant resistance near the $3,445 level.
A daily close above $2,475 is identified as the first key technical signal that could strengthen upside momentum. Conversely, the entire Libra formation would only be invalidated if ETH breaks below the $1,388 low, underscoring the long-term nature of this setup.
Following a sharp 22% rally from around $1,730 to a current trading price near $2,086, analyst Can Özsüer notes the increased likelihood of short-term profit-taking. "After such a sharp move, light selling pressure typically emerges as the market cools off," he observes. The ideal healthy pullback zone is seen between $1,950 and $2,000, which could reset the price action and set the stage for a next leg higher toward $2,200.
Meanwhile, the recent market sell-off that pushed ETH below $2,000 has sparked fear, but analyst ChainHub suggests conditions point toward exhaustion. He emphasizes that the ETH/BTC pair's structure remains technically valid and that extreme fear often appears near major turning points. "After massive fear and massive downside comes massive upside," ChainHub stated. He identifies the next major area of interest for ETH around $1,700, a zone consistent with a broader corrective structure where buyers may reassert control.
ChainHub links this outlook to Bitcoin's price action, noting BTC's rejection at $72,000 has opened the door to a retest of its summer 2024 demand range ($49,000-$59,000), increasing odds of a base formation. He also points out that several major altcoins, including Solana (SOL) and XRP, are testing critical demand zones, with many revisiting August 2024 lows, which could set the stage for building bullish momentum in the coming weeks.
