Ethereum (ETH) price recently dipped by 13%, yet remains strong above its bear market support, hinting at a potential recovery. Investors anticipate bullish signals to propel ETH past the six-week threshold.
Long-term holders are in accumulation mode, as shown by the Liveliness metric. This indicates a positive price trajectory as more holders opt to HODL, increasing the chances of a bullish breakout.
Technically, metrics like the Relative Strength Index (RSI) show macro-bullish momentum. If Ethereum flips the RSI’s neutral line into support, it could gain further strength, pushing prices higher.
Currently trading at $2,431, Ethereum stands above the critical Fibonacci Retracement level of $2,401. A specific bullish trigger might push ETH towards $2,591, aligning with the 38.2% Fibonacci line, potentially reaching $2,745.
Failure to surpass $2,591 could lead to price consolidation within this range, invalidating the bullish outlook and causing prolonged sideways trading.
