Recently, Ethereum has faced significant challenges due to the bearish pressure in the crypto market. The price of ETH experienced multiple crashes, causing it to drop below $2,000 and dashing hopes of reaching a new all-time high in the third quarter. Despite these setbacks, one crypto analyst, RLinda, has offered an optimistic perspective on the future of the Ethereum price. In a detailed analysis on the TradingView website, RLinda highlighted the bullish trend of ETH on the one-week chart, showcasing a continuous accumulation from the low $2,000s level as the price gradually recovers. The market has shown signs of buyback following the crash, indicating confidence among investors.
According to RLinda, Ethereum could be on the brink of another rally that might propel the price towards its previous highs. The crypto analyst pointed out that a promising technical setup is forming on the weekly chart, suggesting favorable conditions for a potential upward movement. If Ethereum manages to return to its global sideways range, RLinda believes that the price could surge towards the $4,000-$4,800 range. The overall sentiment for Ethereum remains bullish, with the market witnessing active buyback after a period of liquidation.
While a bullish Ethereum price is encouraging, it is essential to monitor key levels that could influence the cryptocurrency’s trajectory. RLinda emphasized the importance of the $2,717-$2,817 resistance area as crucial levels for Ethereum’s upward momentum. Breaking through these resistance levels and establishing strong support could pave the way for ETH to target liquidity above $4,000. In addition to resistance levels, it is also crucial to consider major support levels, including $2,518, $2,425, and $2,400. The buyback activity from whales indicates a positive outlook among major players in the market, increasing the likelihood of a breakout.
Ethereum has faced adversity in recent weeks but shows signs of resilience and potential for a bullish price movement. RLinda’s analysis paints a positive picture for ETH, highlighting the market’s buyback activity and the formation of a promising technical setup. As Ethereum continues to recover from the recent crashes, investors and traders will closely monitor key resistance and support levels to gauge the cryptocurrency’s future performance. With the possibility of reaching new highs and surpassing previous price levels, Ethereum remains a promising asset in the volatile crypto market.
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