Ethereum bulls face a brutal test at $4,841 resistance
As the period of bearish sentiment in the larger part of the cryptocurrency market continues, Ethereum (ETH) is at a pivotal crossroads, facing a critical resistance that could determine whether bulls regain control or another correction takes hold.
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Specifically, Glassnode’s MVRV Extreme Deviation Pricing Bands have indicated that Ethereum was just below the +1.0σ deviation band at $4,841, which has historically acted as a make-or-break barrier for the largest altcoin, judging by the analysis shared by crypto expert Ali Martinez on September 26.
As it happens, the MVRV (Market Value to Realized Value) deviation bands measure how far the market price has diverged from investors’ realized cost basis. In simple terms, they help flag zones where assets are historically overvalued (risk of corrections) or undervalued (opportunity zones).
If the bulls can muster enough strength to reclaim and close above this zone, the next target lies at the +1.5σ band near $5,864, which would open the door to fresh bullish momentum and possibly new cycle highs.
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What’s at stake for Ethereum
However, failure to breach $4,841 paints a different picture. Analysts warn that rejection here could trigger a correction toward the 0.5σ band around $2,750, which lines up with Ethereum’s deeper support zones. Such a move would test long-term holders’ conviction, potentially flushing weak hands before a broader recovery.
For the time being, Ethereum is changing hands at the price of $3,915.87, which indicates a 3.33% decline in the last 24 hours, a drop of 13.76% across the previous seven days, and a more significant loss of 15.08% on its monthly chart, according to the latest data.
All things considered, ETH must conquer $4,841 to flip the narrative bullish again. Until then, traders should prepare for volatility as Ethereum decides between another leg down or a breakout toward $5,800 and beyond.
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