Ethereum bulls aim to flip $2.8K to support before calling a trend reversal

The dire predictions of an extended bearish market could have been premature, as prices are now in recovery mode following a U.S. Federal Reserve signal that interest rates would remain at 0% for the moment.

The Fed’s announcement from raised prices in the cryptocurrency market. Bitcoin (BTC), up 4.11%, was pushing for $39,000 after the Fed’s announcement. This created a wave that lifted a majority tokens on the market. However, the BTC price is currently back at $37,000.

Cointelegraph Markets Pro and TradingView data show that Ethereum (ETH), the top smart contract platform, also responded positively to bullish sentiment. Its price climbed 8.11% over the 24-hour chart to reach a daily high of $2,723.

ETH/USDT 1-day chart. Source: TradingView

Here are some thoughts from market analysts about Ethereum’s price action and where it might be heading in the near future.

Ether saw a nice 12% jump from recent lows

Crypto trader and pseudonymous Twitter User ‘CryptoAmsterdam” provided a short-term analysis on Ether’s price movement. He posted the following chart, which shows one possible direction the price of Ether might take in the near future.

ETH/USDT 1-hour chart. Source: Twitter

CryptoAmsterdam warned that they would not chase the green here after noticing the “nice 12% jump” in Ether’s price “since the flip”.

CryptoAmsterdam stated,

“Will be looking for a short-term flip in bias if we get under the lower timeframe range high and break that trendline.”
Bottoming pattern on the Ether Chart

Options trader John Wick, a pseudonymous Twitter user, provided further insight into Ether’s state. He posted the following chart that highlighted the formation of a bottoming pattern in the Ether chart.

ETH/USD 4-hour chart. Source: Twitter

Wick stated,

“Ethereum is trying to break through the resistance zone with the same bottoming pattern. To break out, we need to see more upside from BTC.

Related: Altcoins report 40% gains following Bitcoin and crypto market relief rallies

Support at $2,850 is needed for Ether bulls to reclaim their support

Crypto trader and pseudonymous Twitter account ‘TheCryptoCactus shared a final analysis of key levels to watch out for moving forward. He posted the following chart, which shows a key support/resistance zone as well as an area with heavy accumulation.

ETH/USD 2-day chart. Source: Twitter

According to TheCryptoCactus those who “longed the bottom” can get an “easy hedge at these levels. However, the trader warned that it is necessary next to “to get a valid support/resistance turn of $2,850.”

According to TheCryptoCactus,

“Personally, I would rather wait until we flip $3,000 in support again than just ape large positions.”

The total cryptocurrency market is now worth $1.734 trillion, and Bitcoin’s dominance rate of 41.5%.

com. You should do your research before making any investment or trading decision.

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