After an impressive run in July, Ethereum (ETH) has failed to reach a new record high. However, technical indicators suggest the right conditions are forming for a potential breakout.

According to cryptocurrency trading expert Michaël van de Poppe, Ethereum is currently facing significant resistance on its path to new all-time highs. In this case, the asset’s recent price action shows a stalled rally and a sharp pullback from local peaks, he said in an X post on August 5. 

Poppe noted that Ethereum attempted to push higher but failed to reach the critical resistance zone near $4,100, the last major barrier before potential price discovery. Instead, ETH reversed, delivering a 15% correction, underlining selling pressure below that level.

His analysis identified $4,100 as the crucial threshold Ethereum must break to revisit or surpass previous highs. 

Ethereum’s key price levels to watch 

At the same time, Poppe also highlighted key support levels to monitor, including $3,200 to $3,400 range is marked as a prime “bounce zone,” with a 70% probability of holding. 

Below that, the $2,800 to $3,000 range is seen as stronger support, though with only a 30% likelihood of being tested.

Meanwhile, cryptocurrency analyst Ted Pilows also expects a continued Ethereum rally after a recent rebound. In an August 5 X post, he noted that ETH has bounced off the critical $3,400 support level, signaling renewed bullish momentum following last week’s correction.

Pillows’ technical analysis shows $3,400 as a strong demand zone, triggering a sharp reversal. If this level holds, he anticipates a potential rally toward the $4,100 resistance, the final hurdle before Ethereum can attempt new all-time highs.

At the time of reporting, Ethereum was trading at $3,675.51, up 3.3% in the last 24 hours. However, the asset remains down nearly 4% over the past week.

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