Ethereum traders are growing confident that the altcoin’s price might soon see a significant recovery. This bullish sentiment follows as ETH is believed to have reached its bottom.
On September 15, Ethereum’s Estimated Leverage Ratio (ELR) dropped, signaling cautious market behavior. However, on September 16, ELR surged, indicating traders taking on high-leverage bets. These risky bets may be linked to ETH/BTC reaching its lowest point in over three years.
Benjamin Cowen, founder of Into the Cryptoverse, suggested that ETH may have bottomed and could trend upward in 2025. Current Funding Rate is positive, indicating traders' willingness to hold long positions, expecting a rally toward $2,800.
Ethereum’s price is around $2,310, with a bullish falling wedge pattern on the daily chart suggesting a potential breakout. The Balance of Power indicator shows that buyers are currently in control, targeting a price of $2,744.
If the bullish trend continues, Ethereum could even surpass $2,800, reaching $2,918. However, a bearish scenario could see its price fall to $2,114.
