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ETH The price trend of Ethereum shows that it is hovering around US$1,793. After many failed attempts to break through the US$1,820 resistance level, the market is filled with obvious hesitation. The cryptocurrency is trapped in a narrow trading range, causing potential investors to start thinking about the possibility of a market reversal.
Ethereum's key price threshold
Holding the price range of US$1,770 to US$1,800 is crucial to Ethereum's future trends. Staying above $1,770 may provide a basis for market consolidation and potential rebound. Conversely, once Ethereum falls below this level, it may quickly fall back to around $1,700.
A breakthrough of US$1,820 is considered crucial to boosting bullish confidence and freeing Ethereum from its current stagnation. If this level continues to fail to exceed, the currency price will continue to be uncertain and face the risk of further decline.
"A strong breakthrough of $1,820 will help restore bullish confidence, while continued blockages could push the market into consolidation or lead to further downward pressure."
Can the double bottom shape predict a reversal?
Technical analyst Aksel Kibar has identified a potential double bottom pattern, suggesting a possible respite from recent declines. This pattern consists of two close lows and a subsequent rally, which, if confirmed, could mean that selling pressure is weakening.
Confirming the signal requires Ethereum to break the neckline of nearly $1,850. If a breakthrough is successful, the rebound target could point first at $1,950, followed by $2,000, indicating a strong upward trend. Prior to this, the scenario had not been confirmed.
What does long-term accumulation mean?
Jesse Peralta pointed out that Ethereum's long-term accumulation period is about to reach 1,900 days, which is reminiscent of the previous accumulation period that lasted for 721 days, followed by a significant rally. This stage may signal large price swings after a breakthrough, once $2,000 is recovered, with a long-term target range of $4,000 to $4,200.
Short-term concerns: TD sequence warns
Ali Charts pointed out that Ethereum is testing the channel upward, while the TD sequence indicator sends a sell signal, which increases the risk of a correction to $1,770 or even $1,700, especially if the market continues to sell.
Key support is at US$1,770.
A break below $1,770 may trigger a further decline to $1,700.
Confirmed that a double-bottom pattern near $1,850 may enhance rebound potential.
US$1,950 and US$2,000 are preliminary targets for the rebound phase.
The final target range after a long-term breakthrough is $4,000 to $4,200.
As Ethereum hovers near key price points, market participants are paying close attention to potential developments. If Ethereum can stay above $1,770 and eventually break through $1,850, buying momentum could push the price to $2,000 or even higher, shaping its future trend.
