Ethereum (ETH) Bounces After 90% Selling Pressure Collapse — Bigger Move Coming?

Ethereum is experiencing a rebound after a significant sell-off, with early indicators suggesting a potential for further gains. Selling pressure has decreased by 90%, while derivatives traders have become bearish without increasing their positions. Simultaneously, long-term holders are resuming their buying activity. A symmetrical triangle pattern on Ethereum’s short-term chart, coupled with a bullish divergence in the RSI, indicates fading selling momentum. Key resistance levels lie at $1,920, $2,020, and $2,060, with a potential breakout towards $2,200 or $2,420 if $2,060 is surpassed. However, a fall below the $1,840 support level could invalidate the bounce structure and lead to a further decline towards $1,740. The current bounce appears to be more than a temporary relief rally, supported by fundamental shifts in market dynamics.

(Source：BeInCrypto)