Ethereum prices may be facing A considerable negative pressure It is believed to be caused by recent macroeconomic conditions due to downswings across the market. However, veteran cryptography experts predict price action transition from bearish Bully for ETH This is because assets may have experienced rebounds in the short term.
Ethereum’s notable price reversal brewing
Ethereum price action focuses on a potential bullish reversal from the current downward trend. Tech expert and investor Jonathan Carter point Bullish class that can cause a noticeable, intense rise from the main resistance level.
Looking at the charts over the one-day time frame, Ethereum formed a massive descent channel pattern as bearish movements spread. Descending channel formation is considered a Bullish technical patterns It is formed by connecting the lower high and lower low values with parallel trend lines.
If the price exceeds the top trendline, it usually indicates that the rally may be on the horizon. Ethereum floats around key technology patterns altcoin It formed important support at the $2,060 level.
Jonathan Carter Highlights short term Long-term opportunities close to this level of support are targets of $2,360 and $2,560. If Ethereum rebounds from the descending channel and breaks away, experts foresee the transition to the $3,450 mark.
ETH’s breakout marks the beginning of a strong upward trend and the potential end of an ongoing fix. As the rally continues, the next important barrier to challenge was $4,050, and the current downward trend began first.
Analyzing the weekly time frame, the scheduled reversal could reach an all-time high in the coming weeks. Carter has it It will be identified The huge rising triangle pattern on the weekly chart shows momentum increasing towards rising.
The chart shows it Ethereum It is about to bounce off the rising triangle support. Additionally, Altcoin prices have been able to surpass the 100-day moving average (MA) and multi-year trendlines. When a breakout occurs, Carter expects bullish momentum to drive prices to targets of $3,200, $4,000, $4,850, $6,000 and $7,500.
Have ETH prices hit a bottom?
A recent downward trend has been caused ETH Revisiting important levels previously led to significant rises. Crypto Market Experts and Traders Titan Spots Development showing an imminent price revival.
Specifically, Crypto’s Titan pointed out that Ethereum fell to a 2024 low on a permanent one-day chart. Given the 2024 price trends, Altcoin may be at its bottom and preparing for a rebound at the point of most important interest.
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