Ethereum has been facing a tough time lately due to the bearish pressure in the overall crypto market. The ETH price has experienced multiple crashes, bringing it back down towards $2,000 and dashing hopes for a new all-time high in the near future.
Despite the recent downturn, crypto analyst RLinda has posted an optimistic analysis on the TradingView platform. The focus is on the one-week ETH price chart, which has shown resilience in the face of this adversity. RLinda highlights the continuous accumulation at the low $2,000s level and suggests that investors are showing bullishness by buying back into the market.
According to the analyst, a promising technical setup is forming on the weekly chart. RLinda believes that if Ethereum can return to its previous sideways range, it could pave the way for a rally towards the $4,000-$4,800 range. Despite the recent setbacks, RLinda remains bullish on the overall outlook for Ethereum.
While the bullish sentiment is encouraging, it is essential to keep an eye on key support and resistance levels. RLinda points to the $2,717-$2,817 resistance area as crucial for Ethereum’s upward momentum. Breaking through this resistance and forming support could set the stage for a move towards $4,000.
One positive sign highlighted by RLinda is the buyback from Ethereum whales. This suggests that major players in the market remain bullish on the cryptocurrency. The analyst sees the recent price test and pullback as setting the stage for a potential breakout in the near future.
While Ethereum has faced challenges in recent weeks, there are signs of a potential turnaround on the horizon. RLinda’s analysis points to a bullish outlook for Ethereum, with the possibility of a significant rally towards higher price levels. As always, it is essential for investors to remain vigilant and monitor key levels to gauge Ethereum’s progress in the coming days and weeks.
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