Ethereum Pulls Back After New Highs but Bullish Structure Holds

Ethereum ($ETH) briefly swept its all-time high this past Sunday before retreating, filling inefficiencies left by last week’s so-called “Powell Candle.”

Despite the pullback, trader DaanCrypto highlighted that ETH’s higher timeframe trend remains bullish, provided it holds key support levels.

Rally Since July Remains Intact

Since the beginning of July, ETH has climbed nearly 100% without revisiting its 4-hour moving averages. The recent correction brought price action back toward these levels, with the 4H 200MA/EMA now aligning with the range low around $4,000. Analysts suggest this zone could serve as a strong support area if tested.

Key Levels to Watch

• Range Low (~$4,000): As long as ETH stays above this level, the broader bullish structure remains valid. Losing it would signal a shift in momentum.
• Range High (~$4,800–$5,000): Breaking and holding above $5,000 would confirm entry into a new price discovery phase, potentially opening the door to higher valuations.
• Previous ATH: Sunday’s peak tested above the prior high, but selling pressure quickly dragged ETH back inside the established range.

Outlook

For now, ETH’s structure remains strong, with momentum favoring buyers unless $4,000 is decisively lost. Traders are eyeing whether the consolidation near moving averages sets up another push higher or if deeper retracements are on the horizon.
As DaanCrypto summarized: “Higher timeframe structure is still bullish until ~$4K is lost.”