Ethereum’s quick rebound positions ETH price for 100% rally
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.
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Author: Yashu Gola
