Ethereum Signals Uptrend With Key Candlestick Pattern, Could A Rally Follow?

In the past few days, Ethereum has been struggling below the $2,600 price level after the general crypto market took a bearish hit, halting its recent upward trend. While ETH’s price has faced notable bearish movements, there is still a possibility that the altcoin could rally in the upcoming weeks as a key bullish pattern emerges.

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A Possible Rebound Emerging For Ethereum

Ethereum’s upward performance has weakened due to a bearish shift in the crypto market, causing many major digital assets to retrace. Despite this price action, Crypto Bullet, a technical expert and investor, has outlined a setup that hints at a possible rebound toward higher levels in the short term.

Following his analyses of the 1-month chart, Crypto Bullet highlighted that ETH closed the month of May on a bullish note. In addition to the monthly close, the altcoin has formed a beautiful Morning Star Candlestick formation, suggesting growing upside momentum.

A Morning Star Candlestick formation is a technical pattern that suggests a potential shift from a bearish trend to a bullish trend, making it a reversal pattern. When the market is in a dire downward trend, the morning star candlestick pattern is regarded as a sign of hope for a positive run.

The emergence of this key chart setup suggests that the altcoin may be gearing up for another upswing, despite the mixed sentiment in the broader crypto market. With technical indicators hinting at a shift toward the upside trajectory, the anticipated rally might reignite a bull market phase for Ethereum.

According to the crypto analyst, ETH is currently facing tough resistance as prices struggle to regain upward strength. However, the altcoin recently broke past the $2,500 price level, which Crypto Bullet considers a key resistance range.

Prior to the breakout, the expert predicted that a notable rally could follow, pushing ETH to the $3,300 mark in the upcoming weeks. Since Ethereum has slightly surpassed $2,500 at the time of writing, this implies that the anticipated journey to $3,300 and beyond might have begun.

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Major ETH Investors Are Returning To The Market

Despite facing bearish performance, investors’ sentiment toward ETH has remained strong, particularly on Binance, the world’s largest crypto exchange. On-chain expert and author Darkfost reported that Ethereum whales are back on the crypto exchange.

Darkfost identified the shift after examining the ETH Average Order Size on Binance, a metric that provides a real-time picture of Ethereum’s sentiment and momentum 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 have been rising since May 19, representing a very encouraging signal and conviction among large investors. The last time this indicator was illuminated in this manner was in December 2023, just before ETH’s strong rise from $2,200 to $4,000.

While the indicator has lit up, Darkfost highlighted that whales are not always attempting to catch the exact bottom; rather, they often position themselves early when a macro trend starts to show indications of strength.

Featured image from Getty Images, chart from Tradingview.com

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