The recent pullback comes after Ethereum failed to hold momentum above $4,775 over the weekend, triggering heavy profit-taking. Despite short-term volatility, market observers emphasize Ethereum’s structural growth, including staking demand, Layer 2 adoption, and institutional interest, which continue to support a bullish long-term outlook.

Market Overview: Ethereum Price Today

Ethereum briefly spiked to an intraday high of $4,671 before sellers stepped in, pushing the price down to around $4,422—a 3.95% decline in the last 24 hours, according to the Ethereum Liquid Index (ELX) from Brave New Coin (BNC). Daily trading volume surged 121% to $62 billion, reflecting strong profit-taking after Ethereum’s recent all-time high near $4,953. This indicates that demand remains strong but faces resistance at higher levels.

Ethereum (ETH) was trading at around $4,431, down 4.79% in the last 24 hours at press time. Source: Ethereum Liquid Index (ELX) via Brave New Coin

Momentum indicators show signs of consolidation. The Relative Strength Index (RSI) fell to 59.8, moving out of overbought territory. The MACD shows a narrow 1.37-point gap, signaling fading bullish strength. If selling pressure continues, Ethereum could revisit $4,400 support, while renewed buying could push prices toward $4,900 resistance.

Technical Analysis: Neutral Short Term, Bullish Long Term

Short-term traders are watching the $4,600 support level closely. A daily close below this point could trigger a drop toward $4,400. Conversely, renewed inflows may drive ETH back toward $4,900, suggesting the market is currently indecisive.

Ethereum eyes a potential climb to $15,650, with intermediate targets between $10,146–$11,600 and a conservative benchmark at $7,500. Source: @thescalpingpro via X

Long-term charts remain bullish. Analysts reference a 2021 fractal where ETH surged over 200% after breaking its prior all-time high. Trader Mags (@thescalpingpro) noted: “ETH has finally broken above its ATH again for the first time in this cycle, and the 3.618 Fib extension is sitting at $15,650.” Fibonacci projections indicate conservative targets near $7,500, intermediate scenarios between $10,100–$11,600, and extended cycles up to $15,650.

Market Benchmark: ELX for Fair Ethereum Pricing

The Ethereum Liquid Index (ELX) from Brave New Coin provides a reliable gauge of Ethereum’s fair value. Aggregating pricing from Coinbase, Bitstamp, Kraken, Gemini, and Bitfinex, the ELX updates every 30 seconds and filters out abnormal trades. This makes it a trusted benchmark for institutional settlement and market analysis.

Ethereum rebounds from key support, showing strong volume and aiming to retest nearby resistance levels. Source: EmmaChartist on TradingView

Since its launch in April 2018, with historical data back to 2015, the ELX helps traders assess whether current dips reflect deeper weakness or short-term consolidation. Its liquidity-weighted methodology provides a clearer view of real-world price behavior across major exchanges.

Fundamental Catalysts to Watch

Ethereum’s trajectory is influenced by staking, Layer 2 adoption, and potential ETF developments. Rising staking demand locks up ETH and offers validator rewards, reducing circulating supply. Layer 2 networks like Arbitrum, Optimism, and zkSync expand throughput and lower gas fees, supporting adoption.

Spot Ethereum ETF news remains a key catalyst for institutional inflows. Macro conditions, including global liquidity and Bitcoin performance, will also impact price dynamics. Together, these fundamentals support the long-term bullish case even as short-term volatility persists.

Looking Ahead: Balanced Outlook with Long-term Optimism

Ethereum’s break below $4,500 highlights short-term vulnerability, but broader patterns suggest upside potential. Conservative Fibonacci targets sit around $7,500, while extended cycle projections reach $15,650.

Ethereum gearing up for a potential surge toward $10,000. Source: @CryptooELITES via X

Currently, Ethereum navigates a neutral phase with support near $4,400 and resistance at $4,900. Whether ETH rebounds or dips further will depend on market flows and fundamental catalysts. Despite short-term challenges, Ethereum’s long-term outlook remains constructive, keeping the $15,650 target firmly in view.