What is the Next Move for ETH?
Based on the chart, the next move is likely downward in the short term (e.g., next few hours to sessions). Here's the reasoning:
The +2.91% rally has stalled near key resistance (4,760–4,770 from multiple indicators), with fading momentum (oscillator at -2, bearish divergence).
The prominent "short" signal and Fib 1.618 extension suggest exhaustion—rallies often reverse after hitting such levels.
More buy signals exist, but they're lagging (e.g., EMAs), while forward-looking ones (RQK, momentum) favor sells. Price action shows hesitation (smaller green candles).
Potential Scenario: Pullback to test support at 4,714–4,701, or deeper to 4,689 if breaks lower. If momentum rebuilds and breaks 4,770 convincingly, it could flip bullish toward 4,780+, but current setup makes this less probable (~30% chance vs. 70% for down).
Risk Factors: High volatility in crypto; external news (e.g., macro events) could override. Use stops above 4,770 for shorts or below 4,714 for longs.
"The administration is pushing crypto. They are pushing bitcoin. Bitcoin is the lead dog in the crypto market," Tom Essaye, founder of Sevens Report Research, told earlier this week.
"So is it short-term a little frothy? Sure," he added. "But longer term, there are some fundamental changes here that I think are bullish for it, and we'll send it much higher in the future."
Last week, President Trump issued an executive order directing the Labor Department to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets, a move that could significantly expand retail access to crypto.
The price surge also comes as US equities have notched all-time records on expectations the Federal Reserve will cut interest rates in September, and that Trump’s next Fed chair pick will likely favor looser monetary policy.
Meanwhile, ethereum (ETH-USD) prices rose to near record levels on Wednesday as Wall Street grows increasingly bullish on the world's second-largest cryptocurrency by market cap.
Ethereum's native token, ether, jumped as much as 6% to hover above $4,700 per token, just shy of its 2021 record highs.
Companies have been adding ether to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins.
ILLUSTRATION - 09 April 2025, Berlin: Three physical replicas of Ethereum coins lie on a wooden table. The coins symbolize the cryptocurrency Ethereum (ETH). Photo: Fernando Gutierrez-Juarez/dpa (Photo by Fernando Gutierrez-Juarez/picture alliance via Getty Images)
Three physical replicas of Ethereum coins lie on a wooden table. (Fernando Gutierrez-Juarez/picture alliance via Getty Images) · picture alliance via Getty Images
This week, Bitmine Immersion Technologies (BMNR), an ethereum treasury company, announced plans to sell up to another $20 billion worth of stock to boost its holdings of the cryptocurrency.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee, who also serves as chairman of Bitmine, wrote in a note Wednesday.
Lee noted the majority of Wall Street crypto projects and stablecoins, or digital tokens backed by assets like the US dollar, are being built on the ethereum infrastructure.