Price Action, Techs Signal Rally
The post Price Action, Techs Signal Rally appeared on BitcoinEthereumNews.com.
Ethereum rebounds to $2,608 after sharp drop, forming a strong V-shaped recovery Price remains range-bound between $2,447 support and $2,630 resistance Traders eye breakout above $2,630 as momentum builds despite low trading volume Ethereum (ETH) is gaining new attention from traders, with several recent market moves fueling a more bullish outlook despite some earlier choppy price action. At the time of writing, ETH traded at $2,608.76, up 2.63% on the day, according to CoinMarketCap data. This climb followed a dip below $2,450 during the previous trading session, and the nature of this recovery is one key reason for the growing optimism. ETH’s V-Shaped Recovery Above $2,600: A Key Bullish Signal for Traders The rebound began as a V-shaped reversal, starting late on May 20. This quick turnaround raised ETH’s price by over $180 in under 24 hours. Such a sharp recovery off a low often signals to traders that buying interest remains strong at certain levels. While the surge showed strength in reclaiming prices, it’s worth noting that trading volume for Ethereum actually declined by nearly 20% to $21.86 billion during this period. This particular detail suggests that reduced selling pressure, more so than a powerful wave of new buying, might have been a primary factor behind the upward move. Still, for many traders, the ability to bounce back so decisively is a positive sign in itself. Related: Ethereum Whales Add 1.4 Million ETH as Price Breaks Major Resistance, Nears $3,000 Range-Bound Ethereum: Why Consolidation Breeds Bullish Breakout Hopes Despite this recent recovery, Ethereum currently remains stuck within a clear trading range, another factor that paradoxically contributes to some traders’ bullish anticipation. Technical data from Coinbase’s 4-hour chart, for example, shows ETH holding support near $2,447 while it meets resistance at around $2,630. ETH repeatedly tested both these levels recently…
