Ethereum has faced significant challenges in recent weeks due to the bearish pressure in the crypto market. The ETH price experienced several crashes, bringing it back to the $2,000 level and dashing hopes for a new all-time high. However, there is a glimmer of hope as one crypto analyst has suggested that Ethereum may be gearing up for a rally that could propel it to previous highs.
Crypto analyst RLinda has shared a positive analysis of the Ethereum price on TradingView. The focus is on the one-week chart, which has maintained a bullish trend despite the recent crash. RLinda points out that Ethereum is experiencing buyback from the market post-crash, indicating bullish sentiment among investors. The analyst highlights a promising technical situation forming on the W1 chart, suggesting potential for Ethereum to return to its previous global sideways range. This could lead to a jump towards the $4,000-$4,800 range.
While the bullish outlook for Ethereum is encouraging, there are key levels that need to be monitored for the cryptocurrency to achieve its potential. RLinda emphasizes the importance of the $2,717-$2,817 resistance area as crucial levels for Ethereum’s upward movement. Breaking through these resistance levels and establishing support could pave the way for Ethereum to reach above $4,000. The analyst also identifies major support levels at $2,518, $2,425, and $2,400. The buyback from Ethereum whales signals continued bullishness among major players in the market, increasing the likelihood of a breakout.
Despite the recent challenges faced by Ethereum, there is optimism surrounding its future performance. The analysis by RLinda points towards a potential rally that could see Ethereum reclaim previous highs. With support from investors and major players in the market, Ethereum’s upward momentum may gain traction in the coming weeks. As the cryptocurrency market continues to evolve, it will be interesting to see how Ethereum responds to the current market conditions and whether it can capitalize on the opportunities for growth.
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