Ethereum fell 18% from its local high and is currently trading near its annual low of $2,400. Compared to other altcoins such as Bitcoin and Solana, ETH has performed significantly poorly in this cycle, causing concern among investors.

One of the main reasons for the poor performance is the lack of enthusiasm for Ethereum ETFs. The indicators of these funds show low interest from traditional investors, exacerbating the bearish sentiment towards ETH.

As the crypto market is shrouded in fear and uncertainty, will ethereum potentially experience a revival?

I believe that if certain technical levels remain unchanged, ETH may rebound. If this rebound becomes a reality, it could alleviate the pressure on Ethereum, but the market remains cautious until then.

The price trend of Ethereum suggests a potential rebound.

Ethereum is currently at a critical level that could drive the next major move if it can find support. Since 2021, ETH has been consolidating within a large triangular pattern.

The formation of the triangular pattern for ETH implies the possibility of a double bottom, as Ethereum is currently approaching the lower boundary of this pattern, which is a key support level that could determine its next significant move. I expect a potential double bottom formation near this upward sloping trendline, indicating a possible bullish reversal.

Recently, the price tested a key demand area at $2,307, showing signs of initial recovery. This level is crucial for the price trend of Ethereum as staying above it could indicate price strength and set the foundation for further upside.

If ETH breaks out of the triangle pattern, its next target may be to set a new all-time high, which will break the bearish expectations of many traders who are still waiting for the price to drop.

If the price of Ethereum holds the lower boundary of the triangle and gains upward momentum, this potential bullish scenario may occur. The breakout will propel ETH to higher levels, surpassing current market sentiment and surprising investors.

ETH remains above $2,300.

The current trading price of Ethereum (ETH) is $2,376. The market has experienced significant volatility and uncertainty. The price is in a consolidation phase, and if demand weakens further, there is the possibility of an unexpected pullback. Currently, the ETH trading price is below the 4-hour 200 moving average (MA) of $2,596, in line with the key level of $2,600.

If ETH wants to rise in the short term, it is crucial to reclaim this level. If the trading position continues to be below these levels, it indicates weakness in ETH and a potential further decline.

For the bulls, reclaiming the key level of $2,600 is crucial to changing the price structure and initiating a new uptrend. Successfully breaking this level may lay the foundation for targeting the local high of $2,820.

However, if ETH fails to close above $2,600, the next important support level is expected to be around $2,116. The price trend in the coming days is crucial in determining the next move for ETH, and traders will closely monitor signals of a breakout or a deeper retracement.