With the overall cryptocurrency market still enduring increased volatility, Ethereum has again struggled to regain the crucial $3,000 price point. Bearish pressure continues to persist in its price movements, fueling speculation about its prospects in the near term. While ETH has not seen a significant surge, analysts are optimistic that the altcoin could experience an upward shift soon.
Is Ethereum Preparing For A Bullish Rally?
Ethereum may have undergone a considerable downturn in recent days, but Ether Naysonal, a market specialist and trader, remains unfazed by the increased volatility. According to the technical analyst, “ETH is still on its significant uptrend,” suggesting strength amidst broader market fluctuations.
Despite occasional declines, the expert mentions that ETH continues to maintain critical support levels, which bolsters positive sentiment among investors. With the altcoin sustaining its uptrend, it might open the door for a potential breakout towards elevated levels in the forthcoming weeks.
Ether Naysonal emphasized that, in addition to retaining its major uptrend, ETH has also reliably held the $2,615 support level, which is beneficial for its price behavior. However, for Ethereum to quickly bounce back, it must close over the $2,820 threshold for at least one day.
A close above the $2,820 mark would likely rekindle bullish momentum for the altcoin once again. Meanwhile, the much-anticipated surge will be triggered if the candle closes above $2,923.
Ethereum has witnessed significant adoption and interest regardless of occasional price setbacks. This rising institutional interest together with increasing on-chain activity might act as pivotal factors driving the predicted upward movement.
Ether Naysonal has questioned the behavior of those currently offloading their ETH holdings despite institutional investors accumulating ETH on a massive scale. Major firms are presently observed acquiring ETH under current market circumstances.
Financial giant and asset management firm Blackrock has acquired over 100,535 ETH, valued at $284 million. Additionally, asset management company Fidelity has also obtained approximately 9,552 ETH, worth around $26.39 million.
While the largest global investment institutions continue to purchase, the analyst contends it is entirely illogical for individual investors to sell after being influenced by misleading trends within a brief timeframe.
An Upsurge To New All-Time Highs Imminent
Various bullish patterns have emerged on ETH’s chart, indicating a likely recovery in the near term. With upward momentum building for ETH, the asset may be on track for a rise towards a new all-time high.
After analyzing Ethereum’s price action, market expert Jonathan Carter noted that the asset is still operating within a Symmetrical Triangle pattern on the weekly time frame. Carter pointed out that liquidity was gathered below support by recent downward spikes before reverting to the pattern.
Once ETH breaks free from the ascending triangle, Carter expects a thrust toward higher targets such as $3,100, $4,000, $4,850, $6,000, and $7,500 in the long run.
Featured image from Unsplash, chart from Tradingview.com
