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Ethereum‘s bullish expectations in the ongoing cycle continue to be delayed due to heightened volatility across the general crypto market. Despite its struggles to initiate a major price rally, many crypto experts remain optimistic about an upsurge, pointing to key support levels that could spark a rebound for ETH.
A Push Back For Ethereum To $4,000 Closer?
Technical expert and trader Ali Martinez has highlighted an encouraging development for Ethereum, which could see the altcoin transitioning toward a positive territory shortly. Ali Martinez has predicted that ETH is eyeing possible upward movement to key resistance levels, but there’s a catch.
In his analysis, Ali Martinez stated that ETH might recover between the $3,000 and $4,000 level as it hovers near the crucial $2,600 support area. For the altcoin to surge to the price range, the expert noted that it needs to maintain its footing above this critical support zone.
ETH’s sustenance of the level is likely to build a bullish momentum, setting the stage for a strong recovery. The chart shows a Parallel Channel formation, a pattern that has historically preceded an upward trend.
His bullish forecast comes as ETH navigates heightened volatility, hindering its price from experiencing a notable price rally. Despite the worrying price movements, Martinez contends that now could be the right time to purchase the altcoin.
This is due to a positive signal cited in the TD Sequential indicator. Looking at Ethereum’s chart, the analyst outlined that ETH appears to be gearing up for a rebound as the indicator flashes a potential buy signal in the weekly and daily time frame.
The TD Sequential coupled with growing buying pressure, ETH could witness a trend reversal. Nonetheless, validating the authenticity of the signal will depend heavily on the state of the market and broader sentiment.
Once Ethereum recovers its upward trend, a 100% growth might be imminent. Ted Pillows, a market analyst and investor predicted after comparing the current price trend with the one seen in 2024.
In 2024, ETH witnessed a drop to crucial support levels such as the $2,100 mark. Following the decline, the altcoin pumped about 100% in the next 6 weeks. With recent price action trending similarly to 2024, the analyst expects the same 100% rally in the following weeks.
ETH Holding An Ascending Support
As ETH prepares for a rebound, Carl Moon noted that the asset is holding on to ascending support and has every potential to reenter into the pattern. After that, the analyst has placed the $4,000 target in the medium term.
Ethereum continues to hold above the $2,600 level with bullish momentum. Investors are betting significantly on its future price performances. Presently, its trading volume has surged by more than 87% in the last day.
Featured image from Unsplash, chart from Tradingview.com
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