Ethereum has been facing significant challenges due to the bearish pressure in the crypto market, leading to multiple crashes that pushed the price back towards $2,000. Despite this, a crypto analyst named RLinda has provided a promising analysis on TradingView, suggesting that Ethereum could be gearing up for another rally towards its previous highs. The focus of the analysis is on the one-week chart, which has shown bullish signs even after the recent crash. RLinda points out that there is continuous accumulation from the low $2,000s, indicating market buyback and bullishness among investors.
According to RLinda, Ethereum could potentially return to its global sideways range, paving the way for a jump towards the $4,000-$4,800 range. The analyst remains optimistic about Ethereum’s background, stating that the recent liquidation and active buyback signal a positive market sentiment. However, for Ethereum to achieve this goal, there are crucial support and resistance levels to watch along the way. RLinda emphasizes the $2,717-$2,817 resistance area as a key hurdle to overcome, with breaking this resistance and forming support potentially leading the ETH price towards a liquidity target above $4,000.
In addition to the resistance levels mentioned, RLinda also highlights major support levels such as $2,518, $2,425, and $2,400. The analyst believes that the Ethereum buyback by whales indicates that major players in the market are still bullish on the cryptocurrency. Despite facing a test and pullback, RLinda remains optimistic about a potential breakout, especially after the price bounced back to a significant level.
While Ethereum has faced challenges in recent weeks, there is optimism surrounding its future price movement. RLinda’s analysis suggests that Ethereum could be on the verge of a rally towards previous highs, with key support and resistance levels playing a crucial role in determining its path. The bullish sentiment among investors, coupled with the potential for a breakout, indicates a positive outlook for Ethereum in the near future. As the market continues to evolve, it will be interesting to see how Ethereum responds to these key levels and whether it can maintain its upward momentum.
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