According to CRYPTOWZRD in a recent post, both Ethereum and ETH/BTC closed the session on a bearish note but quickly recovered, showcasing ETH’s resilience and renewed buyer confidence. He noted that a move above $4,000 would be a crucial development, potentially marking a key turning point for Ethereum’s momentum.
Bearish Daily Close Mirrors Bitcoin’s Market Direction
CRYPTOWZRD further explained that Ethereum and ETH/BTC’s daily candle bearish close followed Bitcoin’s lead. Despite the negative close, Ethereum displayed relative strength compared to most other cryptocurrencies, maintaining a more resilient structure amid the decline. This reflects the asset’s continued dominance in the altcoin market.
He noted that ETH/BTC has now reached its key support target zone. The market’s behavior around this level will be crucial in determining whether Ethereum is preparing for a rebound or remains at risk of deeper consolidation. A recovery toward $4,170 remains possible if Ethereum can hold this support region and sustain its current stability.Â
The analyst highlighted that a move back above $4,000 would serve as an encouraging signal, validating a successful retest of the lower support area. Such a move could reignite bullish sentiment and set the stage for renewed upside momentum in the short to mid-term. However, CRYPTOWZRD cautioned that Bitcoin’s price movement will continue to dictate the broader market trend.Â
Heading into the weekend, the analyst acknowledged that the market remains unpredictable, with both bullish and bearish scenarios still in play. His current focus, he stated, will remain on monitoring lower time frame chart formations to identify potential scalp opportunities.Â
Extreme Volatility Hits As Market Faces Major Liquidation Event
In his conclusion, CRYPTOWZRD noted that the intraday chart for Ethereum showed extreme volatility as the market experienced one of the most intense liquidation events in its history. Despite the turbulence, he emphasized that reclaiming the $4,000 level places Ethereum back in positive territory.
He explained that a retest of the $4,260 intraday resistance could serve as a key turning point in the short term. This zone will be crucial in determining whether Ethereum can sustain its recovery or faces renewed downward pressure. If price action shows weakness after testing this level, it may open the door for short opportunities as momentum begins to fade.Â
CRYPTOWZRD added that he remains open to both bullish and bearish scenarios, acknowledging that weekend trading often brings slower volatility and unpredictable market behavior. With that in mind, he stated that he will continue to monitor price movements, waiting for the next clear trade setup to emerge before making any decisive moves.
