Ethereum has been facing significant downward pressure in the crypto market recently, experiencing multiple crashes that pushed its price back towards $2,000. This has dashed hopes of a new all-time high in the third quarter, leaving many investors uncertain about the future trajectory of the cryptocurrency.
Despite the recent setbacks, there is speculation from crypto analyst RLinda that Ethereum may be poised for a comeback. The analysis, focusing on the one-week chart, indicates that there is still bullish momentum in the market, with investors showing interest in buying back Ethereum following the crash. This suggests that there is underlying confidence in the potential for a price surge.
The analyst points out that there are promising technical indicators on the weekly chart, suggesting that Ethereum could be gearing up for a significant rally. If Ethereum manages to break through the $2,717-$2,817 resistance area and establish strong support levels, it could pave the way for a move towards the $4,000-$4,800 range, according to RLinda.
Despite the challenges faced by Ethereum in recent weeks, RLinda remains bullish on the overall market sentiment surrounding the cryptocurrency. The analyst highlights the fact that major players in the market, known as whales, are still actively buying Ethereum, indicating a positive outlook for the future price movement.
In order to achieve the projected price targets, Ethereum will need to overcome several key resistance levels along the way. These include the $2,717-$2,817 range, which RLinda identifies as crucial for the upward momentum of the cryptocurrency. Additionally, there are important support levels at $2,518, $2,425, and $2,400 that Ethereum will need to hold in order to sustain its bullish trend.
While Ethereum has faced challenges in the crypto market recently, there are indications that a potential rally may be on the horizon. The bullish sentiment from investors, technical indicators pointing towards a price surge, and active buyback from whales all support the notion that Ethereum could be gearing up for a significant price increase. However, it is important to monitor the key resistance and support levels closely to gauge the likelihood of a successful rally. Only time will tell if Ethereum will be able to overcome the current bearish trends and reach new heights in the near future.