ETH Set to Breakout After Retesting Key Support – $4,200 Next?

Ethereum is currently retesting crucial support levels, and all signs are saying that a short-term breakout could occur. 

There are analysts saying that it may be possible for the world’s largest altcoin to break past its $4.2K and reach its previous highs. 

However, the current market, although bullish, shows a choppy price action on intra-day charts where profit takers as multiple green candles emerge hourly. 

Ethereum’s Price Action Signals Potential Breakout

Ethereum has recently retested a support zone while printing consecutive green candles in late October. Market analysts’ observations show that the RSI and Stochastic RSI indicators suggest cooling off after surging past extreme levels recently. 

These technical indicators align with previous structural levels. And depending on the current market conditions, they could indicate a possible consolidation phase. 

The Stochastic RSI and RSI now lie at the center, and the ETH price is currently trying to stay above its established support. 

The chart suggests that, if the support zone remains strong, Ethereum may go through a new breakout before a new macro top is reached.

What Does Ethereum’s Price Action Mean for the Market? – $4,200 Might be the Next Level

Whether Ethereum’s price action is able to hit the $4,200 level will depend on intra-day trends.

As it stands right now, after the recent emergence of consecutive green candles, a corrective phase began, with $4,177 and $4,245 acting as the altcoin’s most crucial resistance levels. 

Provided that bulls gain enough strength to surge the ETH price past that level and maintain it, it will be possible for it to retest its recent highs. 

Upcoming Fusaka Upgrade Could Give ETH Price a Boost

Beyond institutional factors, there are key technical aspects that could give the Ethereum price a boost. However, the one that people have been eyeing the most is the Fusaka Upgrade. The new update will reportedly make its way in late 2025. Thankfully, the upgrade entered the final pre-upgrade testnet phase recently 

The upgrade has already gone live on the Sepolia testnet, which is currently testing higher gas limits and a new data availability mechanism, and the final public launch will happen on Hoodi on October 28th. The final date for Fusaka mainnet has also been set for December 3.

Updates like these have once again made investors look at the innovative aspects of Ethereum, leading the way for other ETH-based innovative projects.

Nexchain AI Coin Presale is Offering a Rare Opportunity to Ethereum Investors

Because Ethereum is gaining so much traction as of late, projects built on its foundation and that drive innovation are gaining momentum. One of them is Nexchain AI, a new offering that has emerged as a unique project thanks to its artificial intelligence at the core of its blockchain architecture. The coin presale has continued to delight the community, as evidenced by the NEX token raising over $11 million. 

The token’s high traction is because of the initial USPs, such as its hybrid Proof-of-Stake (PoS) consensus and Directed Acyclic Graph (DAG) integration, that has mobilized investors.

Central to Nexchain AI’s ecosystem is the hybrid consensus mechanism that brings Nexchain AI’s driven systems with proof of stake. This “evolved” alteration dynamically adjusts network parameters, maintaining efficiency and decentralization. And with the latest update, more evolution is on the way.

What is Nexchain AI’s Testnet 2.0?

Nexchain AI is planning to launch Testnet 2.0 in early November. The new testnet promises to level up security and scalability. AI events will be introduced, and specialized tools will be added for transaction risk assessments.

With the Testnet 2.0, we will also see evolved AI-driven mechanisms to prevent scam transactions and deal with MEV issues. Users will now get AI Risk Scores to assess the risks before approving transactions. 

Beyond the technical update, the Nexchain AI presale has also emerged with a 100% bonus on all purchases made during the coin presale that will last till the launch of the testnet, giving early buyers something extra.

Conclusion: Why Investors Should Pay Attention?

Ethereum’s price action suggests that the investor community is not preparing for more institutional intrusion and the Fusaka upgrade, resulting in more ETH-based projects to grab attention.

Nexchain AI, thanks to its standout bouquet of innovative blockchain features and the upcoming Testnet 2.0, is a unique investment opportunity. 

Currently available on presale, Nexchain AI is offering early movers that could lead to long-term gains, provided the community continues to be receptive to its AI-driven offerings.To learn more about Nextchain AI, you can visit their Website, follow them on Telegram or X (Twitter), or participate in their airdrop.