Ethereum Price Rebounds from Key Support Zone
Ethereum's price has shown signs of recovery after holding onto a key support zone following its recent decline. The move has renewed attention around ETH's next resistance levels, with analysts watching to see if the rebound develops into a broader breakout.
Currently, Ethereum is trading at $2,648.20, up 6.05% over 24 hours, and holding an 11.69% share of the total crypto market. The recent recovery follows a sharp decline earlier in September, with ETH falling to around $2,360 before recovering during subsequent sessions.
Crypto analyst Crypto Patel has identified the $4,892 level as a major resistance before an eventual movement towards $10,000-$15,000. However, this remains a projection rather than an established price target, and Ethereum would first need to clear several resistance zones between its current price and $4,892.
From the current pattern, movement above $2,640 will offer technical confirmation, after which movement towards higher resistance levels may follow before ETH faces the much bigger resistance at $4,892. On-chain data also provides a factor behind the recent price recovery, with Santiment reporting that ETH moved above $2,630 and whale transactions increasing.