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Ethereum shows signs of new strength, trading 75% above April lows as the Bulls try to regain lost ground. Despite this impressive recovery, ETH remains around 98% below its all-time high, with room for growth as bullish momentum accelerates. Market sentiment is changing, with many analysts and investors looking at Ethereum as the leading candidate to stimulate the much-anticipated Alto season.
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Top analyst Ted Pillows recently shared a technical view suggesting that Ethereum has retested its lower channels again. We believe that in both 2017 and 2021, this same setup will benefit a lot, and this cycle will not be different.
Macro conditions are still uncertain, but Ethereum price action is being watched closely as risky preferences are growing across the crypto market. If the pattern applies, ETH could be on the broader Altcoin market to the robust breakout crisis that comes with it. Whether this will become a historic launchpad Integration phase Although we haven’t seen it yet, Ethereum is clearly at the center of attention for now.
As a bullish possibility of historical pattern signals, Ethereum retains important support
Ethereum is trading at a critical technical level after regaining the $2,400 mark. There, the Bulls and Bears are trapped in a tug of war. Buyers have been able to defend their main support zones, but the upward momentum remains stifled as the broader market sentiment remains cautious. Geopolitical tensions and tightening of macroeconomic conditions continue to form an appeal of risk, with many investors reluctant to commit to high-beta assets like Ethereum. Still, the long-term setup has attracted attention from veteran analysts.
The pillow is the highlight into a recurring historical pattern that can define Ethereum’s trajectory in the coming months. According to his analysis, ETH retests lower trend channels once in each major market cycle, with each retesting ahead of an extraordinary gathering. In 2017, Ethereum surged 300 times from this setup. In 2021, we provided 50x the return. When history is partially repeated, a conservative six times move sends ETH over $10,000.
The setup is technically sound and is consistent with the broader sentiment that Ethereum can lead the next Altcoin rally, especially if Bitcoin breaks into price discovery. Although uncertainty remains, the current location of ETH is a critical zone. The breakout conditions could soon match if the Bulls were able to maintain the structure and push towards highs in the range.
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ETH holds the $2,400 level but faces resistance
Ethereum has consolidated around $2,422 after regaining its $2,400 support zone, but the chart shows the Bulls face significant resistance above current levels. In the 12-hour time frame, ETH struggled to surpass the simple moving averages for the 50th and 100th term, and is currently sitting at $2,518 and $2,536, respectively. This cluster of resistance concludes and strengthens all recent attempts to raise, as a short-term barrier the Bulls must overcome to regain momentum.
Earlier this week, ETH’s failed breakdown fell below $2,200. Now it looks like a bear trap as buyers actively intervened to regain lost ground. Still, without a decisive break of over $2,530, Ethereum remains vulnerable to another retest of its $2,300-$2,200 support zone.
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The 200th SMA, which is nearly $2,160, remains at the key minus side level to watch. If the price fails to hold any further on future dips, the bear can regain control. For now, Ethereum appears to be bound by range, sandwiched between macro uncertainty and bullish hopes for the orthoseason. Breakouts over $2,550 open the door to check for updated strength and push towards $2,800.
Dall-E special images, TradingView chart
