Source of the original article: Cryptographic Ah Yao
Like Bitcoin, Ethereum has faced huge challenges in recent months, making it difficult to maintain any significant price increases. After peaking above $4,000 in March, Ethereum has been falling and has failed to break out of this bearish trend.
So far, the price of the second-largest cryptocurrency by market capitalization has dropped more than 5.9% in the past two weeks and continues to hover around $2,400. Ethereum is currently trading at $2,434, down 2.4% over the past week and 0.4% in the past 24 hours.
Is a rebound to $4,000 just around the corner?
Despite this downturn, market analysts remain optimistic about a potential turnaround. According to “The Moon”'s latest post on X, Ethereum could rally to $4,000 if certain technical conditions are met.
In particular, The Moon highlights Ethereum's current 1D falling wedge pattern, which is a common chart pattern in technical analysis and generally indicates a potential reversal. The analyst said, “Once there is a breakout, there is a good chance that Ethereum will rise back to $4000.”
In terms of context, a falling wedge in technical analysis is a pattern where asset prices are in a downward trend but are in a narrowing range.
This pattern usually indicates that the downward momentum is weakening, and once the price breaks through the wedge, a reversal may occur. This is The Moon's prediction for Ethereum — a potential breakout could cause the price to return to previous highs.
Ethereum's bullish sentiment is rising
Meanwhile, other analysts in the crypto community are similarly optimistic about the future performance of Ethereum. Well-known crypto analyst Crypto Jack notes that the price of Ethereum is nearing a critical long-term support level.
Jack said a rebound from $2,200 could signal a strong reversal and could trigger a bullish trend. This long-term support level is critical for Ethereum as it tries to regain momentum after weeks of poor performance.
Cryptocurrency analyst Mags is also optimistic about the outlook. He recently pointed out on X that Ethereum is currently trading within a huge triangle pattern.