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Ethereum Pulls Back to Establish Support

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Ethereum has experienced a robust rally since November, building a consistent bullish market structure that propelled the price to the resistance level at $4,093.0.Upon reaching this key supply zone, a swing high formed, highlighting the strength of resistance at this level. Following this rejection, Ethereum pulled back to the demand level at $3,547.0, where it seeks support for a potential continuation of its bullish trajectory.

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Ethereum Key Levels

Demand Levels: $3,086, $2,739, $2,430
Supply Levels: $3,547, $4,013, $4,867

Ethereum Pulls Back to Establish Support

Indicators Suggest Potential for Recovery

Smoothed Heikin Ashi Candles: These candles have remained consistently green since Ethereum broke above the key resistance at $2,739.0, effectively filtering out noise from minor pullbacks. The candles have now aligned with custom daily levels, reinforcing the current pullback as a potential setup for renewed upward momentum. This consistency reflects strong buying interest despite recent market fluctuations.

Hull Butterfly Indicator: The indicator signaled overbought conditions at the resistance level, leading to the recent price retracement. Despite this pullback, Ethereum remains firmly within its bullish trend, suggesting a recovery is likely as buyers regain control and price momentum stabilizes.

With strong support at the current demand level, Ethereum appears poised to resume its upward journey, targeting the next supply levels and higher price zones.

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