Ethereum Breakout Falls Short of Bullish Momentum

Despite a breakout from its consolidation pattern, Ethereum has failed to sustain momentum above the $4500 level. Traders remain cautious, waiting for decisive action before endorsing a bullish trend. While recent volatility showcased a short-term surge, it hasn’t been accompanied by strong buying pressure necessary to clear the critical resistance at $4500. This level has historically served as a significant turning point in Ethereum’s price action, indicating either a potential rally or a rejection. Many traders are skeptical about sustained upward movement until this pivotal point is surpassed with high volume and buying activity.