Ethereum (ETH) Price: Will Bulls Defend $4,000 or Face Deeper Pullback to $3,600?

TLDR

Ethereum (ETH) declined below $4,220 and is trading below key moving averages after failing to hold gains above $4,500 Technical analysis shows ETH faces resistance at $4,280-$4,370 levels with bearish momentum building Analysts predict potential 15% correction to $3,560-$3,750 range in coming weeks Long-term bullish target of $8,400 remains possible if ETH breaks above resistance levels ETH recently broke through $4,100 resistance after three failed attempts, but downside risks persist

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Ethereum price has entered a consolidation phase below $4,220 after failing to sustain gains above the $4,500 level. The second-largest cryptocurrency by market capitalization is now trading beneath its 100-hourly Simple Moving Average.

Ethereum (ETH) Price

ETH declined sharply from recent highs, breaking below support levels at $4,420 and $4,350. The selling pressure pushed the price as low as $4,000 before a minor recovery began.

The current price action shows Ethereum struggling to maintain momentum above $4,200. Bears have taken control after the cryptocurrency failed to continue its upward trajectory.

Technical indicators are flashing warning signals for ETH holders. The hourly MACD is gaining momentum in bearish territory while the RSI has dropped below the critical 50 level.

A key bearish trend line has formed with resistance positioned at $4,370 on the hourly chart. This level represents a major obstacle for any potential recovery attempt.

Resistance Levels Create Price Ceiling

The immediate resistance for Ethereum sits near $4,220, with the next barrier at $4,280. Breaking above these levels would be necessary for bulls to regain control.

The first major resistance zone is positioned near $4,315. This level corresponds with the 50% Fibonacci retracement of the downward move from $4,636 to $4,000.

If ETH can clear the $4,315 resistance, the next target would be the $4,370 trend line resistance. A break above this level could trigger a move toward $4,450 or even $4,550.

However, failure to overcome these resistance levels could lead to further declines. The initial support on the downside is located near $4,125.

Analysts Warn of Deeper Correction

Crypto analyst Michaël van de Poppe has identified compression building in ETH’s price structure. He expects a move toward the $3,550-$3,750 range in the coming weeks.

I think that we'll see some more chop occur on $ETH.

I don't know whether we'll dip as deep as $3,550-3,750, but I'm sure that we'll start to see:

– 20-Week MA is getting closer.
– Compression is building up –> Big move to occur at a later time.

It's now down nearly 20% from… pic.twitter.com/MUvUEYY4Xv

— Michaël van de Poppe (@CryptoMichNL) September 23, 2025

The 20-week exponential moving average currently sits near $3,685. This level serves as an important support zone that analysts are monitoring closely.

A breakdown from the recent symmetrical triangle pattern has shifted the short-term outlook to bearish. The measured move from this formation targets $3,560, representing a potential 15% decline from current levels.

Despite the bearish setup, some analysts remain optimistic about longer-term prospects. Merlijn the Trader highlighted that ETH recently broke through resistance at $4,100 after three previous failed attempts.

ETHEREUM JUST FLIPPED RESISTANCE INTO SUPPORT.

3 rejections in the past.
Now a clean breakout + bullish retest.

The next chapter is written:$ETH is gearing for liftoff. pic.twitter.com/VlMOlbskXA

— Merlijn The Trader (@MerlijnTrader) September 23, 2025

The breakout above $4,100 was confirmed with a successful retest of the level as support. This development flipped former resistance into a new support base.

Chart projections based on this technical setup point toward targets at $6,000 and $8,400. These levels align with broader bullish narratives in the cryptocurrency sector.

ETH is currently hovering near a rising trend line that has supported the uptrend since April. Historical data shows this level has preceded rallies of 90% to 125% in past cycles.

The major support level to watch is $4,125, with the key resistance at $4,320. A clear move below $4,050 could accelerate selling toward the $4,000 level and potentially $3,880.

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