Ethereum (ETH), the second largest cryptocurrency according to market capitalization, flashes many stubborn signals that suggest the potential movement of the mountain. However, the growing existing reserves of this optimism.

Did Ethereum create a local bottom?

Ethereum has dropped by almost 20% in the last two weeks, falling from around USD 2,805 on February 23 to slightly above USD 2,200 at the time of writing. This decrease cleared $ 80 billion from the ETH market capitalization.

Despite this edged withdrawal, cryptography analysts indicate several stubborn indicators that can signal the upcoming price reversal. For example, the Merlijn Trader cryptographic analyst Highlighted that ETH follows the pattern of Wyckoff’s remedial.

For those unknown, Wyckoff Reacumulation is a method of technical analysis developed by Richard Wyckoff. In the context of the current ETH action, this pattern suggests that the resource may enter the accumulation phase before potential upward movement.

The analyst also noticed that the “Spring phase” has just been launched – indicating a possible bearing trap, in which a low decrease below the levels of support introduces sellers, potentially establishing a scene for the rally. The reflection of this level can boost ETH to $ 4000.

In a separate x postMerlijn Trader also pointed to a stubborn discrepancy on the 4-hour Ethereum table. According to the analyst, the next direct ETH goal is 2,700 USD before growth. Colleagues Cryptogoos cryptocurrency analyst he repeated These feelings.

In addition to technical indicators, the whale activity increased the stubborn sentiment surrounding ETH. In post X, TED cryptographic analyst excellent:

Ethereum Whale bought 17,855 Eth worth USD 36,000,000 at an average price of USD 2,054. In total, having $ 2,530,000 000 $ Ethereum. Do you think it goes? Think again.

Rising Reserves Stock Exchange can spoil the party

On the Bear side, Cryptographic Analyst Ali Martinez pointed According to the ETH reserves on the stock exchanges, they are constantly growing. Over the past two weeks, over 610,000 ETH has been transferred, which can boost sales pressure.

Martinez analysis is in line with the latest report This was stated that despite the relative ETH (RSI) force indicator at the lowest level for many years, there may be further disadvantages for the digital currency.

Indeed, ETH was Marred Due to the relatively penniless price results in the last two years, due to significant mood bears, due to cryptocurrencies such as Bitcoin (BTC), Solana (SOL) and XRP.

However, extreme bear -shaped bears can act as a contradictory signal, setting A scene for a surprised rally. During the ETH press it trades at USD 2,200, which is an boost of 6% in the last 24 hours.

A distinguished picture from Unsplash, charts from X and Tradingview.com