Ethereum has been facing significant challenges in the midst of the ongoing bearish pressure in the crypto market. The price of ETH has experienced several crashes, causing it to drop back to the $2,000 level and dashing hopes of reaching a new all-time high in the third quarter.
Despite the recent downturn, there are signs that Ethereum may be on the verge of a potential rally. One crypto analyst, going by the name RLinda, has shared an analysis on TradingView that suggests the ETH price could be gearing up for another push towards its previous highs.
The analysis by RLinda focuses on the one-week chart of ETH, highlighting the bullish momentum that has been maintained despite the market crash. The analyst points out that there is a significant level of buyback activity in the market, indicating a positive sentiment among investors.
RLinda suggests that Ethereum could be poised for a significant move if it manages to return to its previous sideways range. The analyst believes that there is a possibility for ETH to reach the $4,000-$4,800 range in the near future.
While the bullish sentiment is encouraging, it is essential to keep an eye on key resistance and support levels along the way. RLinda specifically points out the $2,717-$2,817 resistance area as a crucial zone to overcome for Ethereum to achieve its target price range.
The analysis also highlights the buyback activity from major players in the market, indicating that whales are still bullish on Ethereum. This, coupled with the overall positive market sentiment, suggests that there may be a breakout on the horizon for the ETH price.
While Ethereum has faced significant challenges in recent weeks, there is a glimmer of hope for a potential price rally in the near future. By closely monitoring key resistance and support levels, investors can better position themselves to capitalize on any potential market movements.