Ethereum price is consolidating just below its all-time high, holding critical support at $3,900. If this zone holds, price action could accelerate toward the Fibonacci extension target at $5,790. Summary Key Support: $3,900 acts as critical support after Ethereum’s breakout above its all-time high. Bullish Structure: Higher highs and higher lows reinforce continuation potential. Upside Target: Sustained demand could drive ETH toward the $5,790 Fibonacci extension target. Ethereum (ETH)’s breakout above its previous all-time high has shifted market structure decisively into bullish territory. Price action is now consolidating, with $3,900 emerging as the crucial support that needs to be defended. Traders are closely monitoring this level, as a successful retest would confirm structural strength and open the door for another leg higher. Key Ethereum price technical points: Critical Support at $3,900: Holding this level validates a bullish retest after breaching the all-time high. Market Structure Remains Bullish: Higher highs and higher lows confirm continued upside momentum. Target at $5,790: The Fibonacci extension offers the next technical objective if consolidation resolves upward. You might also like: Bitcoin price prediction: Is BTC preparing for a rebound toward $120K? ETHUSDT (2W) Chart, Source: TradingView Ethereum’s current positioning is highly significant. After breaking above its previous all-time high, the market has entered consolidation, with the $3,900 region acting as the first major test of new support. This level is critical because it represents the former resistance now flipped into support, a dynamic that often reinforces trend continuation. A hold here would validate bullish intent and provide the foundation for Ethereum’s next expansion phase. You might also like: Dogecoin price falls again: is the DOGE rally over? Structurally, Ethereum remains in a well-defined bullish market. The presence of consecutive higher highs and higher lows highlights strong momentum and confirms that buyers remain in control. As long as the $3,900 level is respected, ETH’s trend will remain intact, and the probability of continuation increases significantly. Traders often look for such clean retests of broken all-time highs as key signals that an asset is primed for another rally. The Fibonacci extension at $5,790 serves as the next technical upside target. This level is not only a measured move projection but also aligns with the broader market narrative of Ethereum’s growing strength. For ETH to sustain a rally to this level, it will require confirmation through volume. Bullish inflows will be essential to fuel momentum, as consolidations without volume often lead to false breakouts. Monitoring demand at support zones will provide the clearest indication of whether Ethereum is prepared for this extended move higher. What to expect in the coming price action Ethereum may consolidate around the $3,900 support for days or weeks before initiating its next move. A confirmed bullish retest, backed by volume, would establish the groundwork for a rally toward $5,790. Failure to hold $3,900, however, could weaken momentum and trigger a deeper corrective phase. Read more: XRP price crashes as CME futures open interest surges: buy the dip?