Ethereum has pulled back roughly 14% since the end of May, yet it holds strong above the critical $2,400 support zone. Analysts eye a potential recovery as a tightening weekly structure and emerging tower top pattern hint at new upward momentum.
Ethereum Weekly Structure Tightens – Tower Top Pattern In Play?
Ethereum’s Price Retreat and Support Defense
Recent trading activity shows Ethereum retracting roughly 14% since the last week of May. Despite this significant pullback, ETH has managed to stay above the critical $2,400 support zone, a level that is crucial for any bounce back in the market.
Tower Top Pattern and Technical Analysis
The tightening of Ethereum’s weekly structure has been closely watched by analysts, as it suggests the formation of a tower top pattern. This technical formation is being interpreted as a possible harbinger for future upside, especially since Ethereum is trading well below its yearly highs.
Market Volatility and Recovery Potential
Amid widespread market volatility affecting cryptocurrencies globally, Ethereum's resilience at key support levels has kept recovery hopes alive. If momentum picks up, ETH could see a significant rally, making it an asset to watch in the coming weeks.
Real-World Data and Forecasts
Historically, Ethereum has experienced sharp declines followed by unpredictable recovery phases after similar technical setups. Investors and traders are now monitoring price trends and coin performance closely, anticipating that a rebound may occur once the bulls trigger a substantial leg up from the current levels.
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