Ethereum recently dipped below $2,500, causing a pullback towards $2,200. But don’t count it out just yet! Technical analysis suggests a significant rebound could be on the horizon.
A Bullish Chart Pattern Emerges
Crypto analyst Rose Premium Signals spotted a “Cup and Handle” pattern on Ethereum’s weekly chart. This bullish pattern often precedes a price increase. The analyst believes this pattern could send ETH soaring. If Ethereum successfully breaks through the neckline around $2,600, a move towards $4,204.69 is possible.
Is Now a Good Time to Buy?
Another expert, AlienOvicho, sees a potential buying opportunity. They’ve identified a sweet spot between $2,140 and $1,970. If Ethereum doesn’t bounce back next week, the next potential buying zone is around $1,800. A successful rebound should push ETH past the $2,300 resistance level.
Current Market Conditions
Currently, ETH is trading around $2,264, down slightly in the last 24 hours. Despite the bearish pressure, trading volume is up over 13%, suggesting improving sentiment.
