The price of Ethereum (ETH) has decreased in the past three weeks, reaching a local low of $1,754. This price drop has caused the value of this digital currency to drop by over 38%. Now, with a decrease in trading volume and some indicators reaching oversold levels, signs of a potential price recovery are emerging. Past trends show that Ethereum has experienced significant growth after consecutive weeks of declines. If this pattern repeats, Ethereum’s price could increase up to $3,400, but more bullish signs need to confirm this prediction. Three bearish factors that may limit price growth include uncertainties surrounding the Pectra upgrade, increasing staking withdrawals, and doubts about Trump’s plan for crypto strategic reserves. The future price trend of Ethereum depends on various factors in the coming days. While oversold conditions may increase demand, bearish factors mentioned could restrict Ethereum’s upward trend. This explains why Ethereum has had weaker performance compared to other layer-one cryptocurrencies like Ripple and Litecoin (LTC) recently. Price charts of Ethereum currently show conflicting signals, with the price fluctuating around $1,889 and near the lower boundary of a descending wedge pattern. Breaking key resistances is crucial to confirm a bullish reversal. Ethereum’s key resistance lies at $2,129, identified by the Keltner channel line, and breaking this level could push the price to $2,450. On the other hand, if Ethereum fails to maintain support at $1,806, it may fall to lower levels again. Until the price consolidates above $2,130, the short-term outlook remains uncertain.
