After soaking in the support area between $1,620 and $1,700 last week, Ethereum rebounded strongly, rising to $1,806, marking a weekly profit of 11%. The engine jumped in. BlackRock quietly added $54 million in ETH to its holdings. It cut optimism about the move to $2,500 later this quarter.
The bounce also helped ETH recapture its 50-day moving average for the first time since February.
Violating $2,200 will allow you to open a pass from 3K to 4K dollars
On the weekly charts, Ethereum found support at the bottom of the key zone and turned it higher. The next hurdle is $2,200. Daily closures beyond that level have opened doors to gatherings targeting $3,000-$4,000 in the coming months. The weekly trading volume has increased by around 15%, suggesting that buyers are preparing for more profits.
For the past two months, ETH weekly charts show falling wedge patterns. In ciphers, this setup often shows an inversion. Traders look for breaks above the wedge limit. If that breakout volume increases dramatically, the pattern is seen and the price increases.
Related: Ethereum Whale borrows 4,000 ETH at Aave to start a new short position
Traders should monitor daily closings exceed $2,200 and prices exceed the 20-week moving average. This is currently close to $1,900. If both happened, it would confirm bullish momentum and perhaps bring out more purchases. Otherwise, Ethereum could return to integration or retest the support zone for $1,700.
ETH market share stabilizes after a thorough low
According to Rekt Capital, Ethereum’s market share reached a record low, below 7% in the percentage of the total market.
But that level now appears to be retained as support. If dominance exceeds 7%, it could trigger a wider Altcoin rally and help ETH regain shares. The failure here can slow the overall crypto recovery. It is important to keep above 7% for Ethereum’s wider price recovery.
Related: Ethereum is over $1,800 in BlackRock’s $54 million investment fuel market optimism
Overall, the sudden rebound from Ethereum’s key support zone shifted short-term sentiment and set up a possible test of $2,500.
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