Ethereum Bulls Target $2.8K To Support Before Calling Trend Reversal

ETH price appears to be bottoming out but analysts are watching $2,850 for a move from resistance to support before calling a bullish reversal.

Ethereum Bulls Target $2.8K To Support Before Calling Trend Reversal

The dire predictions calling for the start of an extended bear market may have been premature as prices appeared to be in recovery mode on Jan. 26 following a signal from the US Federal Reserve that interest rates will remain near % for the time being.

Following the Fed announcement, prices in the crypto market started to rise with Bitcoin (BTC) up 4.11% and making a big push to $39,000. This created a wave of momentum that lifted the majority of tokens in the market, but at the time of writing, BTC price has returned to the $37,000 region.

Data from Cointelegraph Markets Pro and TradingView shows that leading smart contract platform Ethereum (ETH) also reacted positively to an increase in bullish sentiment as its price surged 8.11% on the 24-hour chart. to hit a daily high of $2,723.

Ethereum Bulls Target $2.8K To Support Before Calling Trend Reversal 11
ETH/USDT 1-day chart. Source: TradingView

Here’s what some of the market analysts are saying about Ethereum’s price action and where altcoins could be headed in the short-term.

Ether has had a “good gain of 12%” from recent lows

Short-term analysis of Ether’s price action provided by crypto trader and Twitter user ‘CryptoAmsterdam’, who posted The following chart outlines a possible path that Ether price could take in the near future.

Ethereum bulls target $2.8k for support before calling for a 13th trend reversal
ETH/USDT 1-hour chart. Source: Twitter

After noting a “good 12% gain” in Ether price “since the flip,” CryptoAmsterdam issued a warning that it “won’t go green here.”

CryptoAmsterdam said,

“Will be looking for a potential short-term trend change if we pull back below the lower timeframe high and break that minor trendline.”

Bottoming pattern on the Ether chart

Further insight into the state of Ether was provided by options trader and Twitter user ‘John Wick’, who posted The following chart highlights the formation of a bottom on the Ether chart.

Ethereum bulls aim for $2.8K rally for support before calling for a 15-year trend reversal
ETH/USD 4-hour chart. Source: Twitter

Buck said,

“Ethereum shows the same bottoming pattern trying to break out of the resistance area. Need to see more from BTC to break out. ”

Related: Altcoins record 40% gain after Bitcoin and crypto markets enter a rally

Ether bulls need to reclaim support at $2,850

A final bit of analysis on the key levels to watch moving forward was shared by crypto trader and Twitter user ‘TheCryptoCactus’, who posted the following chart outlining the support zone. main support and resistance, as well as a high accumulation zone.

Ethereum bulls target $2.8k rally for support before calling for a 17-year trend reversal
ETH/USD 2-day chart. Source: Twitter

According to TheCryptoCactus, “bottom-hungry” people are in a good position to “hedge easily” at these levels, but the trader warns that what is needed next is “reaching a reasonable support/resistance level.” rate is $2,850.”

TheCryptoCactus said,

“Personally, I would rather wait until we move $3,000 into support again and then just hit a giant position.”

The overall crypto market capitalization stands at $1,734 trillion and Bitcoin dominance is at 41.5%.

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