Ethereum (ETH) approached a critical long‑term support level on Monday, while its Relative Strength Index slipped toward the lows observed during the 2022 bear market, according to analyst Kamran Asghar.
Technical Context
Asghar highlighted that the monthly chart shows ETH price consolidating within a narrow range, mirroring the accumulation phase that preceded the 2022 bottom. The RSI now hovers around the 30‑point mark, a region that historically signaled a shift from weakness to strength.
Potential Breakout Scenario
Should the price hold the identified support, Asghar expects a breakout that could propel ETH above the $4,000 threshold that defined the prior cycle’s peak. A sustained advance would align with the pattern that preceded Ethereum’s last multi‑year rally.
Implications for Investors
Crypto investors monitor the level as a possible foundation for a broader uptrend, with the blockchain asset poised to test higher resistance if momentum resumes. Market analysts suggest that confirming the breakout could attract fresh capital into ETH and reinforce its role as a leading crypto.