Ethereum Price: Is ETH Setting Up for a Double Bottom Rally?
Ethereum has dropped over 13% from $3,972 in three weeks
#Ethereum (ETH) recently struggled to sustain above the critical support level of $3,700, despite attempts by bulls.
If ETH manages to hold above $3,360, there's potential for a double-bottom pattern formation, indicating a bullish reversal towards the $3,700 resistance.
Following the initial decline, #$ETH has consolidated within the range of $3,450 to $3,650.
On the daily chart, Ethereum has formed a symmetric triangle pattern and is currently rebounding from its support trendline.
According to Coingabbar Prediction, Maintaining above this support trendline could propel $ETH towards testing the resistance near $3,700.
Presently, ETH is trading within what appears to be a bull flag or parallel channel, having recently bounced back from its support trendline.
Conversely, heightened selling pressure and bearish sentiment could exert downward pressure on Ethereum.
A breach below the support trendline might trigger a test of the $3,280 support level in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $3,500-$3,580
SUPPORT LEVEL : $3,370-$3,280
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