Ethereum, like Bitcoin, has struggled to maintain major price rallies and has seen a notable decline from its peak of over $4,000 in March, now trading around $2,434.
The past two weeks have seen Ethereum’s price drop over 5.9%, and it continues to hover around the $2,400 mark.
Despite this downturn, analysts are optimistic about a potential turnaround. A recent post by 'The Moon' on X highlighted Ethereum’s current 1D Falling Wedge, suggesting a possible reversal. The pattern indicates that downward momentum is weakening, and a breakout could push Ethereum's price back to $4,000.
Other analysts share similar bullish sentiments. Crypto Jack pointed out that Ethereum is nearing a key long-term support level at $2,200, signaling a potential strong reversal and bullish trend.
Analyst Mags added that Ethereum is trading inside a massive triangle pattern with the possibility of a double bottom near an upward-sloping trendline, indicating that Ethereum is poised for an upward move.
