The new week has brought a fresh wave of optimism to the market, with Ethereum leading the way. The price of Ethereum has bounced back from its recent lows, offering investors a good buying opportunity at each dip. Currently, the price has surged above $2500, and the bulls seem to have enough momentum to maintain a strong bullish trend for the rest of the month.
In the past 24 hours, Ethereum has seen a massive 5% increase in price, and it is up nearly 10% from its recent lows. This has confirmed a double-bottom pattern, and the next target for the price is the neckline around $2,680. With the technical indicators pointing towards a bullish trend, reaching this level should not be a difficult task for Ethereum. The question now is whether Ethereum will be able to reach $3000 in October.
According to data from Intotheblock, a significant number of Ethereum addresses are currently in a break-even range between $2,509 and $2,987. These addresses are neither in profit nor in loss, so they are likely waiting for the next price action before making any moves. A sustained rise above $3000 could turn these addresses into profits, while a drop below the current levels could result in losses for them. Therefore, the next few days will be crucial for Ethereum, as it could determine whether the token remains in profit or not.
In the short term, more volatility is needed for Ethereum to trigger a strong price action. However, in the long term, the price seems to be following a pattern that could lead to new all-time highs. If Ethereum replicates its previous rebound, we could see the price rise to new ATH levels beyond $6000.
A chart shared by analyst ALI suggests that the current rebound in Ethereum resembles a previous pattern that led to significant price increases. If this pattern holds, Ethereum could reach $6000, as long as the key support level of $2300 remains intact.
Overall, Ethereum seems to be on a bullish trajectory, with the potential to reach new highs in the coming months. Investors should keep a close eye on the price action in the next few days to see if Ethereum can maintain its upward momentum.