Despite facing significant bearish pressure in the crypto market, Ethereum has not lost all hope. A crypto analyst, RLinda, has indicated that there may be a silver lining for the ETH price after suffering multiple crashes that brought it back down to $2,000. The analyst’s analysis on the one-week chart suggests that there is potential for another rally that could lead Ethereum back to its previous highs.
RLinda’s analysis points to a continuous accumulation from the low $2,000s level, indicating that investors are still interested in Ethereum despite its price drop. The market seems to be experiencing buybacks after the crash, which signals bullishness among investors. The analyst highlights a promising technical situation forming on the weekly chart, suggesting that Ethereum may be gearing up for a significant move.
If Ethereum manages to return to its global sideways range, RLinda believes that the crypto could soar to the $4,000-$4,800 range. The analyst remains bullish on Ethereum’s background, emphasizing that the market is free of unnecessary traders and ready to move in the right direction. However, reaching key resistance levels is crucial for Ethereum to realize this growth potential.
RLinda identifies the $2,717-$2,817 resistance area as pivotal for Ethereum’s upward trajectory. Breaking through these resistance levels and establishing support could lead to a liquidity target above $4,000. The analyst also highlights important support levels at $2,518, $2,425, and $2,400. The buyback from Ethereum whales further supports the notion that major players are still optimistic about the cryptocurrency’s future.
Despite the recent setbacks faced by Ethereum, RLinda’s analysis provides a glimmer of hope for investors and traders. The potential for a rally toward previous highs showcases the resilience of Ethereum in the face of market volatility. As the crypto market continues to fluctuate, keeping an eye on key resistance and support levels will be crucial in determining Ethereum’s future price movements.
While the bearish pressure on Ethereum has been challenging, the positive outlook provided by RLinda offers a ray of hope for the cryptocurrency’s supporters. By closely monitoring market dynamics and key levels, investors can better position themselves to capitalize on potential price rallies in the future.
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