![\"Ethereum\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/02\/GjbD7hIbwAAclD0.jpeg?w=860&resize=860%2C692\")
<\/p>\nAmid the market corrections, Ethereum (ETH) has retested a key multi-year support level, suggesting that a bounce to $4,000 could be near. However, some market watchers noted that ETH has tapped an \u201cinteresting level\u201d against Bitcoin, which could signal the time to celebrate is not here yet.<\/p>\n
Over a week ago, the crypto market saw its biggest retrace in months, sending Bitcoin and most cryptocurrencies to monthly lows. Ethereum dropped to $2,120, hitting its lowest price range since the early August correction.<\/p>\n
Since then, ETH has moved within the $2,600-$2,830 price range, struggling to turn the range\u2019s upper level into support for the past week. Yesterday\u2019s market pullback, seemingly fueled by Donald Trump\u2019s latest tariffs on steel and aluminum, saw Ethereum drop below the $2,600 support, a key resistance level before the Q3 2024 breakout.<\/p>\n
On Monday, the King of Altcoin reclaimed the recently lost support, trading above the $2,650 mark throughout the morning. Some market watchers noted that ETH remains in its \u201cbounce or die\u201d multi-year support.<\/p>\n
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Ethereum has been in an uptrend support since 2022, retesting this trendline four times before. Each retest has been followed by a rebound to a key horizontal level in the following weeks.<\/p>\n
ETH faced resistance at the $1,900-$2,200 zone during the 2022 retests of the ascending trendline before breaking out. Meanwhile, the 2023 and 2024 rebounds saw ETH bounce from the uptrend support to face resistance at the $4,000-$4,100 levels.<\/p>\n
Market observer and investor Ted Pillows noted<\/a> that Ethereum held its uptrend support since May 2023 after the recent retest, which could indicate that a rebound is near. If the pattern repeats, the cryptocurrency could break past the $4,100 resistance level and aim for new highs soon.<\/p>\n Ted also pointed out that ETH\u2019s recent \u201ccapitulation candle\u201d looked like March 2020\u2019s. He explained<\/a> that Ethereum recorded a major dump that led investors to believe the altcoin\u2019s rally was over.<\/p>\n However, the cryptocurrency bounced back, resulting in a \u201clong-term structure breakout for Ethereum.\u201d According to analyst Crypto Jelle, ETH currently trades<\/a> in a multi-year ascending triangle, and the recent performance suggests that the next move \u201cwill be the real deal.\u201d<\/p>\n He noted that Ethereum\u2019s next attempt would be the fourth retest of the $4,000 mark this cycle, which could \u201cbe the charm\u201d as the resistance level weakens. A breakout and reclaim of this key resistance would potentially lead to a retest of the $4,878 all-time high (ATH).<\/p>\nETH Price Action Resembles 2020-2021 Rally<\/h2>\n
![\"Ethereum,](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/02\/ETHUSDT_2025-02-10_11-49-13.png?w=860&resize=860%2C460\")
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