Ethereum Flashes Bullish Reversal Signals Despite Recent Dip to $3,300, Analysts Eye $14,000 Target
SEOUL, SOUTH KOREA – Ethereum ($ETH) is signaling a potential long-term trend reversal even after a recent price correction to around $3,300 (approximately 4.45 million won),according to multiple technical analyses. The developments are attracting attention from cryptocurrency traders anticipating a important price surge,potentially reaching as high as $14,000 (about 18.9 million won).
Despite short-term selling pressure,a confluence of technical indicators suggests ethereum could be poised for ample gains. The analysis comes as investors navigate a volatile market and seek opportunities amidst ongoing corrections.A sustained breakout of key resistance levels could unlock significant upside for the world’s second-largest cryptocurrency, impacting a broad range of investors and decentralized applications built on the Ethereum network.
Trader ‘Trader Tadigrade’ identified a developing ’inverse head and shoulders’ pattern on Ethereum’s monthly chart – a historically reliable bullish reversal indicator. The pattern currently shows a left shoulder formed in late 2023, a head in mid-2024, and a right shoulder currently taking shape. A breakout above the pattern’s neckline, estimated between $4,000 and $4,400 (roughly 5.4 million to 5.94 million won), could propel ETH towards the $14,000 target. However, analysts emphasize the pattern remains incomplete and no breakout has yet occurred.
Supporting the bullish outlook, ‘Titan of Crypto’ highlighted Ethereum’s recent rebound from the $3,050 level (approximately 4.11 million won). This price point coincides with the 38.2% Fibonacci retracement level, considered a “healthy correction” within a long-term uptrend. Titan of Crypto anticipates continued upward momentum if this support level holds.
Further bolstering the case for recovery, analyst michael van de Poppe notes ETH/BTC has found support around 0.0325 BTC – a historically significant level where past price adjustments were absorbed. A rebound from this level could signal a strong turnaround for Ethereum.
However, not all indicators are positive. Cryptoquant analyst felinai PA points to a taker buy-sell ratio on Binance remaining below 1.0, indicating current market conditions still favor sellers.
While some traders are eyeing the $5,000 range (approximately 6.75 million won) as a potential year-end target, the ultimate direction of Ethereum’s mid- to long-term trend hinges on a confirmed breakout of the identified patterns and resistance levels.
