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Ethereum (ETH) appears to have found its bottom, with $2,000 likely serving as a support level. Recently, the price has surged over 17%, reaching $2,433. Technical analysis indicates that ETH has broken through the downtrend line, with key support at $2,300. If it can surpass the local high of $2,820, an uptrend will be confirmed. The stochastic RSI indicator also shows upward momentum, potentially driving the price higher. Despite experiencing a continuous decline over the past six months, the current situation suggests a potential rebound opportunity.
Has ETH Turned the Corner?
For ETH investors, the past six months have been long and painful, with the price not only falling against the dollar but also against some Layer 1 competitors. During this period, the approval of a spot Ethereum ETF has only resulted in net selling, adding to the woes.
However, from a technical analysis perspective, ETH may have started to turn around. From the low of $2,000 (likely the bottom), the price has risen by over 17%, reaching the current $2,433.
ETH Breaks Downtrend Line
According to TradingView, the short-term timeframe shows that the price has broken through the downtrend line, with the recent rebound confirming the breakout. Below the current price, the 0.786 Fibonacci level provides support, along with the 0.618 Fibonacci level, which the price has now stabilized above.
The next critical move for ETH is to break the previous local high of $2,820. This will confirm a higher high and a new uptrend, allowing ETH to return to an upward trajectory.
Strong Support and Momentum
From the weekly chart, $2,300 (orange line) is now a strong support level. After breaking the trendline, the ETH price will rise to the first Fibonacci level at $2,550. If this level is broken, a significant resistance band (blue line) will appear, ranging from $2,800 to $2,900.
At the bottom of the candlestick chart, the stochastic RSI indicator shows the fast indicator line (blue) crossing the slow indicator line (red). It is still early, but if both lines start to rise and exceed the 20 level, it will bring strong momentum to the ETH price.
Sentiment: Positive
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