Ethereum is trading at $3,896, up 1.07% in the past 24 hours, as price action continues to consolidate within a descending trend channel, according to MakroVision Research. The analyst notes that ETH remains positioned just above the 0.382 Fibonacci retracement level near $3,596, which has acted as a crucial support zone since mid-October.
In the short term, maintaining strength above this region keeps the structure stable, while a decisive move below it could trigger a drop toward the 0.5 retracement at $3,174, where buyers are likely to re-emerge.
Key Resistance and Bullish Trigger
On the upside, Ethereum must break out of its red descending channel and reclaim the $4,290 resistance to confirm a shift in momentum. A successful breakout could open the path to $4,780, the next major resistance level highlighted on the chart.
Current on-chain data shows Ethereum’s market cap at $470.2 billion with a 24-hour volume of $16.5 billion, down 51% as volatility cooled after October’s ETF-driven rally.
Outlook
MakroVision concludes that Ethereum remains in consolidation mode but is holding firm above its key support levels, a sign of resilience despite broader market indecision.
As long as the $3,730–$3,596 zone remains intact, Ethereum’s structure supports the possibility of stabilization before its next directional move. However, losing this level could extend the correction phase into the $3,100–$3,200 range, where Fibonacci confluence and prior accumulation zones align.