Ethereum is trading near its yearly low of $2,400 after an 18% drop. This underperformance compared to Bitcoin and Solana has worried investors.
Analysts attribute the decline to low enthusiasm around Ethereum ETFs. Fear and uncertainty dominate the market, with traders seeking recovery clues. Some analysts suggest a bounce could occur if key technical levels hold.
Analyst Mags highlights Ethereum's consolidation within a massive triangle formation since 2021. They see a potential double-bottom pattern forming, indicating a bullish reversal may be near.
ETH shows early recovery signs at a key demand zone at $2,307. If a breakout from the triangle pattern occurs, ETH could reach new all-time highs, defying bearish expectations.
Currently, ETH trades at $2,396 and below the crucial $2,600 level. Reclaiming this level is essential for beginning a new uptrend and targeting higher local high levels.
If ETH fails to close above $2,600, support is expected around $2,116. The upcoming days will be critical in determining ETH’s next move, either a breakout or deeper retracement.
