- Ethereum saw its price nearing a retest of the support floor at $1,731.
- A rebound from the barrier might catalyze a 16% upsurge for ETH.
- Nevertheless, sellers producing a 4hr candlestick closing beneath $1,701 will cancel the bullish narrative.
Ethereum price has presented downside within the past four days, currently bearish a support floor. That comes as bears tighten their grip in the marketplace. Nevertheless, Ethereum’s price action within the past ten days reflects a reversal setup that projects upswings for Ethereum.
Ethereum Ready for Massive Upside
Trading sessions between 13 May and 25 May saw WTH coiling beyond the support level of $1,910. Nevertheless, the 26 May sell-off pushed Ethereum beneath the mentioned barrier, translating to a 10% drop to form a swing low near the $1,731 support zone.
However, buyers joined to acquire the leading alternative token at discounted prices. That saw ETH gaining 18% to form an equal peak near $2,020. Though this upsurge meant bullishness, buyers could not dominate, triggering quick downside reversals for Ether.
While publishing this article, Ethereum hovers beyond the support zone of $1,731, implying a possible W-bottom setup. It means a reversal pattern that suggests a trend shift to favor bulls. Thus, enthusiasts can expect the altcoin to gain 16% to explore the $2,020 equal high. Continued buyers’ actions might translate to a local higher near the 16 May swing peak at $2,164.
The upward move would mean a 26% surge for ETH. Meanwhile, intensified bullishness can see Ethereum retesting the higher timeframes resistance boundaries near $2,342 or $2,413, following a 41% uptick.
Despite the upside goals, Ethereum remains vulnerable to declines. Sellers triggering a 4hr candle closing beneath $1,701 will form a lower low. That would annul the W-bottom pattern, welcoming downside tendencies. That would see Ethereum revising the support level at $1.543.
Meanwhile, enthusiasts need to watch BTC’s price movements to ensure money-making undertakings. For now, BTC shows weakness, changing hands at $29,700. The bellwether crypto needs a closing beyond $30K to steady in the near term. That can support a further upsurge to $32K. Ethereum would explore its upside goals without challenges under such improved sentiments.