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07/20 13:20

Ethereum Technical Setup Signals Potential Higher

Ethereum Technical Setup Signals Potential Higher Targets

After reaching a local high near $3,600, Ethereum encountered some resistance, which led to a small correction. However, the price bottomed near $3,400 and formed a short consolidation area.

This sideways movement meant that the market was playing off the recent gains before the next move. ETH has now extended its fresh gains, maintaining the structure above key short-term support levels.

More broadly, the chart shows a possible double bottom pattern formed in the area around $1,500-$1,670. Such a structure usually indicates a trend reversal and supports the bullish outlook.

With Ethereum now moving towards the macro resistance zone near $4,000, investors are waiting for a breakout that could seal a prolonged reversal.

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