Ethereum Holds Multi-Year Bullish Pattern – Expert Suggests The Next Move Will Be ‘The Real Deal’
Ethereum has been struggling for a few days under $2,800, and sentiment in the world’s second-largest cryptocurrency has become increasingly negative. Continuous sales pressure has left investors and analysts worried about Ethereum’s resilience, and many people are starting to lose hope for the rally.
Compared to Bitcoin and other major assets, ETH has performed poorly and bearish sentiment will only increase, which will cause frustration for market participants expected to be stronger this year.
Related Readings
Despite viewing this negative, there are still reasons for optimism. Top analyst Jelle shared a technical analysis showing that Ethereum is still trading in a triangle triangle for years, a bullish charting pattern that may indicate higher moves. This pattern suggests that Ethereum may just be able to merge before adding higher prices to a potential breakthrough. Historical patterns show that rising triangles often lead to explosive price movements when key resistance levels are broken.
Trading as ETH approaches key support levelsthe next few days are crucial to determining their short-term direction. Investors are paying close attention to see if this bullish model holds true and whether Ethereum can restore momentum and potentially trigger recovery, thus restoring confidence in the market.
Ethereum prepares for decisive moves
Ethereum seems to be preparing for decisive action as it strives to restore momentum in a challenging market environment. Investors are getting more frustrated by Ethereum’s sluggish price action, and optimism about the rally is vanishing.
Compared with Bitcoin and other alternatives, such as Solana, Ethereum has performed poorly, leaving the Bulls with little control over price action. Continuous sales pressures have weakened hopes for recovery, leading many to question whether Ethereum can restore its status.
But not all hope is lost. Top analyst Jelle recently shared Technical analysis on Xnoting that Ethereum is still trading in triangular triangles for many years, is a bullish pattern that has historically been explosive.
According to Jelle, Ethereum’s price is forged on both sides of this structure, and this behavior usually indicates that the next step will be a real deal. This technical setup shows that Ethereum is raising energy for a major breakthrough or collapse.
Related Readings
Jelle also highlighted the $4,000 key supply zone. Ethereum has tested this level three times, but he thinks the fourth attempt may eventually pass. If Ethereum can clear this critical resistance, it will mark a turning point and potentially introduce rally into price discovery, thus restoring confidence among investors.
Price analysis: Maintain key levels
After several days of sales pressure and market uncertainty, Ethereum is currently trading at $2,650. Prices have been working to regain the $2,800 mark since last Wednesday, reflecting bearish sentiment dominated by ETH’s price action since late December. As momentum remains on the bear side, the Bulls are facing increasing challenges and confidence among investors continues to weaken.
To reverse the ongoing downward trend, the Bulls need to use the $2,600 level as strong support. This price has been a key demand zone in the past and can provide the basis for recovery. But just maintaining that level is not enough – Ethereum also has to recoup the $2,800 mark and, more importantly, surpass the $3,000 level to indicate a shift in market sentiment.
Related Readings
If Ethereum can hold over $2,600 and successfully recover the $2,800 and $3,000 levels, it could trigger higher supply areas. Such a move will give the Bulls the momentum they need to regain control and potentially push ETH towards a stronger level of resistance. However, if you don’t hold $2,600, it may open the door to further disadvantages, and the next key support level is greatly reduced.
Featured images from DALL-E, charts from TradingView
