Ethereum has fully retraced the pump from Fed Chair Jerome Powell’s Jackson Hole speech, a move that some analysts note is a short-term weakness.
As TedPillows put it,
“this doesn’t happen during market strength.”
He shared that he is bearish for now, but still sees $10,000 ETH as programmed this cycle.
The key level on everyone’s radar is $4,800 because that’s where more than $7.23 billion in shorts are sitting, waiting to be liquidated.
A clean break above could trigger forced buys, flipping bearish momentum into a rally.
In fact, it looked only a matter of when.
Ethereum leads the altseason narrative
Alphractal CEO Joao Wedson noted that whales and market makers often target newer projects, but Ethereum has managed to reclaim the spotlight.
AMBCrypto had previously reported ETH leading sector performance with a 0.20 reading, edging out Layer 2s and DeFi tokens after briefly losing ground in mid-August.
By contrast, sectors like gaming, AI, and staking ended Q3 in the red.
ETH holds ground about $4.4K
At press time, Ethereum traded at $4,467, holding steady after recent choppy sessions.
The chart showed ETH consolidating above the $4.4K support, with buyers defending the level despite fading momentum.
The RSI at 54.59 (neither overbought nor oversold) showed room for movement in either direction.
Meanwhile, OBV was 12.39M, showing muted but steady buying pressure.
While ETH had retraced from its recent highs, its resilience around the $4,400 mark showed that bulls are still in play. Natually, focus now turned to whether the asset could retest the critical $4.8K resistance next.
