Analyst: Ethereum Short-Term Bearish, Potential Rally to $5,000 if $4,600 Resistance is Broken

BlockBeats News, August 31st, Cryptocurrency analyst @ali_charts stated that if Ethereum's 4-hour closing price surpasses $4,500, it will mark a breakout of the recent high downward trendline, implying that bullish momentum may be on the rise. The next key resistance level is at $4,600, and if Ethereum can decisively break through that level, it may pave the way to retest $5,000.

However, Ethereum is currently trading in the middle of the channel, following the downward trendline. The SuperTrend indicator is still showing a sell signal. Unless Ethereum is able to reclaim $4,500 and turn it into a support level, it remains bearish in the short term.