Ethereum price decline continues, but analysts highlight bullish patterns and whale activity signaling a potential rebound.
has faced significant challenges in recent weeks, continuing its downward trajectory in both price and market sentiment. Following a price slump last month, ETH continued to experience a bearish market trend.
Amid this ongoing bearish sentiment, some analysts remained optimistic about Ethereum’s future price action.“Ethereum is trading inside a massive triangle, and we could see a double bottom formation near the upward-sloping trendline support before it heads higher.” In technical analysis, a double bottom formation is a bullish reversal pattern, which suggested the asset’s price was approaching a low point and may be ready to rise again.
If Ethereum’s price follows this pattern, as Mags suggests, we may witness a significant upward shift after the current bearish phase.Ethereum’s technical indicators supported the possibility of a rebound, with the asset trading near critical support levels at press time.
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