Ethereum has faced significant bearish pressure in the crypto market over the past few weeks, leading to several price crashes that brought ETH back down to the $2,000 mark. This decline dashed hopes for a new all-time high in the third quarter. However, the downturn might not last, as one crypto analyst suggests Ethereum could be poised for a rally that might push it toward its previous highs.
Crypto analyst RLinda has shared a hopeful analysis on Ethereum’s price on the TradingView website. The analysis examines ETH’s price on the one-week chart, which has maintained a bullish posture despite the recent crash. This is attributed to continuous accumulation from the low $2,000 levels as the price begins to recover.
The analyst notes that Ethereum has experienced a buyback from the market following the crash, indicating that investors remain bullish despite the current low price. RLinda pointed out that a promising technical situation is forming on the one-week chart, suggesting that Ethereum could soon return to its global sideways range. If this happens, RLinda believes ETH might have the momentum to jump toward the $4,000-$4,800 range.
The overall sentiment around Ethereum remains bullish, according to RLinda. The analyst explained that the recent liquidation (strong downward movement) followed by active buyback suggests that the market has shaken off unnecessary traders and is now prepared to move in the right direction. “It remains to get to the key station before departure,” RLinda said.
While Ethereum’s bullish outlook is promising, several key levels need to be monitored for the cryptocurrency to achieve its upward goal. These include crucial support and resistance levels along the way. RLinda identifies the $2,717-$2,817 resistance area as a critical point. Overcoming this resistance and forming support here could pave the way for Ethereum to target liquidity above $4,000. Other important resistance levels include $2,717 and $2,817, while major support levels are identified at $2,518, $2,425, and $2,400.
The analyst believes that the buyback by Ethereum whales shows major players are still optimistic. “After Friday’s test and pullback, the price is back to the level, which increases the chances of a breakout,” RLinda concluded.
As of the latest data, Ethereum’s price is heading toward $2,600, indicating tentative signs of recovery.
