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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum’s Plunge Could Be Over: This Key Pattern Signals A Rally Back To $4,000

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum’s Plunge Could Be Over: This Key Pattern Signals a Rally Back to $4,000

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Much like Bitcoin, Ethereum has faced significant challenges in recent months, struggling to sustain any major price rally. After reaching a peak of over $4,000 in March, Ethereum has been consistently declining, failing to break out of this bearish trend.

So far, the second-largest cryptocurrency by market cap has seen its price drop by over 5.9% in the past two weeks, and it continues to hover around the $2,400 mark. Currently trading at $2,434, Ethereum has fallen 2.4% in the last week and 0.4% in the last 24 hours.

Related Reading

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Is Ethereum Headed For Trouble? Analyst Warns Of Surging Exchange Reserves

1 year ago

Is A Rebound To $4,000 Around The Corner?

Despite this downturn, market analysts remain optimistic about a potential turnaround. According to a recent post by ‘The Moon’ on X, Ethereum might be primed to rally back to $4,000—if certain technical conditions are met.

Particularly, The Moon highlighted Ethereum’s current 1D Falling Wedge formation, a common chart pattern in technical analysis often indicating a potential reversal. The analyst stated, “Once a breakout occurs, there’s a strong possibility Ethereum could rise back to $4K.”

Facing Wedge Pattern on the Ethereum chart
Facing Wedge Pattern on the Ethereum chart. | Source: The Moon on X

For context, a falling wedge in technical analysis is a pattern where the price of an asset is in a downtrend but within a narrowing range.

This pattern usually suggests that downward momentum is weakening, and once the price breaks above the wedge, a reversal could occur. This is what The Moon predicts for Ethereum—a potential breakout could lead to a surge back to previous highs.

Ethereum (ETH) price chart on TradingView
ETH price is moving downwards on the 1-hour chart. Source: ETH/USDT on TradingView.com

Ethereum Experiencing Rise In Bullish Sentiments

Meanwhile, other analysts in the crypto community have shared similar bullish sentiments about Ethereum’s future performance. Renowned crypto analyst Crypto Jack has pointed out that Ethereum’s price is nearing a key long-term support level.

Jack said a bounce from $2,200 could signal a strong reversal and potentially lead to a bullish trend. This long-term support level could be crucial for Ethereum as it tries to regain momentum after weeks of sluggish performance.

The price of $ETH is approaching long term support.

A bounce from $2.2k for #Ethereum could be extremely bullish. pic.twitter.com/pepeDZm5FA

— CryptoJack (@cryptojack) September 4, 2024

Adding to the bullish outlook is crypto analyst Mags, who recently noted on X that Ethereum is currently trading inside a massive triangle pattern.

Related Reading

Is Ethereum's Price Under Pressure? Here Is What Futures Data Signals

Is Ethereum’s Price Under Pressure? Here Is What Futures Data Signals

1 year ago

According to Mags, this formation, combined with the possibility of a double bottom near the upward-sloping trendline, could signal that Ethereum is poised for a significant upward move.

Ethereum chart.
Ethereum price chart. | Source: Mags on X

A double bottom occurs when an asset forms two low points at roughly the same price level, indicating strong support and the potential for a bullish reversal.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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