Recently, Ethereum has faced significant challenges due to the bearish pressure in the cryptocurrency market. The ETH price has experienced several crashes, causing it to drop back towards $2,000 and putting the hopes of a new all-time high in the third quarter in jeopardy. Despite this, there is a glimmer of hope as a crypto analyst named RLinda has presented an analysis on TradingView suggesting that Ethereum might be gearing up for another rally towards its previous highs.
RLinda’s analysis focuses on the one-week chart of Ethereum, which has shown resilience despite the recent market crash. The analyst points out that there has been continuous accumulation in the low $2,000s range as the price begins to recover. This accumulation indicates a bullish sentiment among investors, despite the current price levels. RLinda also highlights that a promising technical setup is forming on the weekly chart, hinting at a potential uptrend in the near future.
According to RLinda, Ethereum could be on the verge of a significant price rally if it manages to return to its previous sideways trading range. In such a scenario, the analyst believes that Ethereum has the potential to reach the $4,000-$4,800 range. The recent liquidation followed by active buyback suggests that the market is shedding unnecessary traders and positioning itself for a bullish move towards higher price levels.
In order to achieve the projected price targets, Ethereum must navigate through key resistance and support levels. RLinda identifies the $2,717-$2,817 range as a crucial resistance area that Ethereum needs to surpass to establish a solid base for further upward movement. Breaking through this resistance and forming support at higher levels could pave the way for Ethereum to target prices above $4,000. Additionally, the analyst highlights important support levels at $2,518, $2,425, and $2,400 which will be critical for Ethereum’s price action in the coming weeks.
Whales’ Buyback Signals Bullish Sentiment
RLinda emphasizes that the recent buyback activity from whales in Ethereum indicates that major market players remain bullish on the cryptocurrency. The analyst suggests that the price’s ability to bounce back to previous levels after a test and pullback increases the likelihood of a breakout in the near future. Overall, the positive sentiment surrounding Ethereum’s price outlook is a promising sign for investors and traders alike.
