- Ethereum rebounds from key support, signaling bullish momentum with potential targets of $3,000 and $4,000 this year.
- A Wyckoff accumulation pattern hints at a breakout, with Ethereum potentially exiting its bearish phase for a strong uptrend.
- Price action near $2,400–$2,800 remains uncertain, but sustained buying pressure could fuel a rally toward higher resistance.
Ethereum’s price action shows strong bullish momentum as it rebounds from key support levels as per analyst IncomeSharks. Analysts project potential targets of $3,000 and $4,000 this year. The market structure indicates resistance ahead, but renewed buying pressure fuels optimism.
https://twitter.com/IncomeSharks/status/1898513652568969676
Ethereum Shows Strength With Renewed Momentum
Ethereum recently bounced off critical support near $2,000, currently trading at $2,206.43. The price had been in a downtrend, but it broke above a descending trendline. This breakout signals bullish intent, especially as On-Balance Volume (OBV) stabilizes at 10.81 million. The chart suggests horizontal support is forming, providing a foundation for further upside.
Additionally, past buy signals at major support levels resulted in strong rallies. If history repeats, Ethereum could retest resistance near $3,000. However, failure to sustain gains may lead to another decline. A consolidation range between $2,400 and $2,800 suggests a critical zone where price action remains uncertain.
Wyckoff Accumulation Signals Potential Breakout
Another perspective from Merlijn The Trader points to a Wyckoff accumulation pattern. Ethereum recently hit a “Spring” phase, often seen before major breakouts. The price, currently at $2,139.70, is slightly down by 0.34%, but bullish signals remain intact.
Source: Merlijn The Trader
A descending channel, labeled as “Creek,” previously kept Ethereum in a bearish phase. However, support at lower boundaries has remained strong, reinforcing a potential reversal. If Ethereum breaks above this channel, a rally toward higher resistance becomes likely.
Historical price movements align with the Wyckoff method, where reaccumulation phases precede strong uptrends. Past cycles indicate that Ethereum could be on the verge of a breakout. Additionally, strong reactions at defined support and resistance levels validate this technical outlook.
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