The post Ethereum’s quick rebound positions ETH price for 100% rally appeared on BitcoinEthereumNews.com.

The Ether price is mirroring a fractal pattern from October 2023 that preceded a 178% price rally. Ethereum’s native token, Ether, is undergoing a sharp bounce after dropping to its eight-month low on Aug. 5. Interestingly, this rebound shows similarities with the one in October 2023 that preceded a 168% price boom. As of Aug. 6, the Ether (ETH) pair showed signs of bullish reversal after rebounding from a support confluence comprising the lower trendline of its prevailing ascending channel pattern and the 200-week exponential moving average (200-week EMA; the blue wave). Simultaneously, the bounce accompanies a rise in Ether’s weekly relative strength index (RSI) reading from 39.40, just over nine points above the oversold threshold.  Read more Source: https://cointelegraph.com/news/ethereum-rebound-positions-eth-price-100-rally?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

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Filed under: News - @ August 6, 2024 8:12 pm