Ethereum Price Analysis: Here is Why an ETH Revenge Rally is Next

The ETH/USD pair has retested a crucial support level around $4.1k following the recent bullish breakout. Rising Ether short trades will trigger a major short-squeeze amid strong demand from institutional investors. President Donald Trump has championed rate cuts, thus rejuvenating a crypto rebound ahead. Ethereum (ETH) price has dropped over 10% in the past seven days that analysts see as a textbook bullish setup for a new all-time high. The pullback to the crucial $4,100 support level is not seen as a weakness, instead as a healthy retest of a former resistance zone, a technical pattern that often precedes a major breakout. The large-cap altcoin, with a fully diluted valuation of about $504 billion, has since closed a CME gap previously formed between $4,096 and $4,192. Popular analyst Crypto Rover noted this is “exactly what we wanted to see for the next leg up,” suggesting the move has cleared the way for a new rally. This view is supported by the ETH/USD pair forming a bullish flag pattern on the four-hour chart. Source: Crypto Rover For a live trading analysis of ETH short-term levels, you can check our Ethereum (ETH) price prediction for to… The post Ethereum Price Analysis: Here is Why an ETH Revenge Rally is Next appeared first on Coin Edition .