Ethereum (ETH) is once again the center of attention in the crypto markets as it hovers around the $4,200 mark. Veteran trader Matthew Dixon has outlined possible scenarios for ETH’s next move. Backed by a detailed price chart, his post has sparked new discussions among traders who are trying to decode what comes next.
The Key Level: $4,200 Support
Unlike the usual hype-driven analysis often seen in crypto circles, Dixon’s approach carries the weight of years of financial trading experience. Dixon’s says that all eyes are on the $4,200–$4,150 zone. As long as this support holds, traders remain optimistic that Ethereum could extend its rally.
A defense of this range could fuel another retest of $4,580, and if buyers push through, the next leg higher could stretch toward $4,860–$4,950.
This move would align with the broader uptrend that began when ETH bounced from the $3,000 level earlier this year.
Room For ETH To Consolidate
If ETH doesn’t break higher immediately, a period of sideways action is also possible. Dixon pointed out that Ethereum may “chop” between $4,150 and $4,580, allowing the market to consolidate before making its next big move.
The Relative Strength Index (RSI), which measures momentum, is currently at 55, signaling neutral, neither overbought nor a clear trend signal.
The Risk Scenario
On the flip side, Dixon sees a loss of $4,150 could trigger a sharper drop. In that case, sellers may push ETH down toward the $3,850–$3,800 area.
A deeper dip could even test the $3,500 zone, which lines up with the 61.8% Fibonacci retracement level, a common area where buyers often step back in.
As of now, the ETH price is trading around $4205, reflecting a drop of 2.6% in the last 24 hours, with a market cap hitting $507 billion.
