The cryptocurrency market has remained optimistic in recent months, with leading assets driving strong momentum. Ethereum has been at the forefront of this rally, climbing more than 250% since its April low and surpassing its previous all-time high near $4,867.

Earlier in July, a potential entry setup was highlighted that went on to deliver gains of around 80%. The key question now is where Ethereum’s price could head from here.

Ethereum technical analysis

ETHUSD - 1 Day Time Frame

With Ethereum trading at elevated levels, some market participants currently view it as a potential selling opportunity rather than a buying one. However, both bullish and bearish scenarios depend on clearly defined signals.

On the weekly timeframe, a blue-marked support zone remains pivotal. If a weekly close were to occur below the lower boundary of this zone, it could create conditions for a bearish outlook to develop. For now, the broader bullish structure is still intact. Those waiting for confirmation of further upside may look for a decisive close above the resistance zone highlighted in orange.

Given the recent slowdown in momentum, one possible sequence could involve a short-term dip, sweeping Sell-Side Liquidity levels, followed by a recovery move. This path could maintain the integrity of the weekly support zone while signaling the potential for continuation to the upside.

Ethereum price target

In a bullish scenario, the next targets could include Ethereum’s all-time high, followed by the psychological milestones of $5,000 and $5,500. Since no prior liquidity exists above the former all-time high, these levels may act as natural points of interest.

On the other hand, if the bearish conditions are confirmed, a correction toward the $3,000 level cannot be ruled out.