Ethereum signals upwards with key candlestick patterns, can a rally follow?

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The last few days, Ethereum Has fought below the price level of $ 2,600 after the general crypto market took a baisse -like hit and stopped its latest upward trend. While ETH’s award has met remarkable Baisse movements, there is still a possibility that Altcoin can rally in the coming weeks when an important haus -like pattern emerges.

A possible recovery that pops up for Ethereum

Ethereum’s upward performance has weakened due to a baisse -like change in the crypto market, which causes many large digital assets to return. Despite this price action, Crypto Bullet, a technical expert and investor, has outlined An installation that suggests a possible recovery to higher levels in the short term.

Following his analyzes of 1-month chart, Crypto Bullet stated that ETH closed May on a hooked note. In addition to the monthly closure, Altcoin has formed a beautiful morning star adjustment, which indicates growing upward speed.

A morning star candlestick is a technical pattern that suggests a potential transition from a baisse -like trend to a hooked trend, making it a reversal pattern. When the market is in a serious downward trend, Morning Star Candlestick pattern is considered A sign of hope for a positive run.

Ethereum
ETH Set for A Lift-off | Source: Crypto Bullet on x

The emergence of this key chart setting suggests that Altcoin may be ready for another rise, despite the mixed feeling in the wider crypto market. With technical indicators suggesting a shift towards the upbone, the expected rally on a bull market phase for Ethereum can.

According to the Crypto Analyst, ETH is currently facing tough resistance as prices struggle to regain the upward force. Altcoin, however, recently broke past the $ 2500 price level, which Crypto Bullet considers to be an important resistance area.

Before The outbreakExpert predicted that a remarkably rally could follow and pressed ETH to $ 3,300 in the coming weeks. Since Ethereum has exceeded slightly $ 2500 at the time of writing, this means that it expected travel to $ 3,300 And then may have started.

Large ETH Investors return to the market

Although they are facing Baissearted performance, investors’ feeling against ETH has remained strong, especially at Binance, the world’s largest crypto exchange. On-Chain Expert and Author Dark Fost reported That Ethereum whales are back on the crypto change.

Darkfost identified the shift after examining ETH average order size at Binance, a metric that gives a real -time image of Ethereum’s feeling and speed on the platform. This is measured by combining important market data on spot and futures activity, cumulative volumes and a comparison of moving averages.

ETH Whale orders on Binance Has increased since May 19, which represents a very encouraging signal and conviction among major investors. The last time this indicator was illuminated in this way was in December 2023, just before ETH’s strong increase from $ 2,200 to $ 4,000.

While the indicator has illuminated, Dark fetal marked it whales does not always try to catch the exact bottom; Rather, they often position themselves early when a macro trend begins to show indications of strength.

Ethereum
ETH Trading to $ 2 507 on the 1D diagram | Source: Etusdt on Tradingview.com

Image from Getty Images, charts from tradingview.com

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