- Ethereum retests support after bullish megaphone breakout
- $10K price target still valid unless key level breaks
- Market sentiment stays positive despite short-term dip
Ethereum ($ ETH ) has once again put crypto traders on edge. After breaking out of a bullish megaphone pattern, the asset has dipped back for a deep retest, shaking out weak hands and testing the conviction of bullish investors.
The megaphone pattern, also known as a broadening formation, is typically a signal of market volatility. When Ethereum broke above the upper trendline of this formation, many took it as confirmation of a bullish trend. However, as history often shows, Ethereum loves to “scare the bulls”—and this time is no different.
Despite the pullback, the broader outlook remains optimistic.
$10K Target Still in Sight—If Support Holds
The key to Ethereum’s bullish case lies in a single critical level, often referred to as the “black line” in trader charts. As long as Ethereum doesn’t close below this support zone, the $10,000 price target remains a realistic outcome for this market cycle.
Short-term corrections like this retest are common in strong uptrends. They provide entry opportunities for new participants and help shake out leverage before the next move higher. While the retest may seem bearish on lower timeframes, the broader technical structure is still intact.
Market Sentiment: Still Leaning Bullish
The crypto market has seen increased activity around Ethereum following its breakout. Although this dip may seem like a setback, many traders see it as a healthy correction. In fact, such pullbacks often build stronger momentum for larger rallies.
Long-term holders and technical analysts are watching the key support area closely. If it holds, Ethereum is well-positioned to continue its upward path—with $10K still on the horizon.
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