Altcoin News

Ethereum (ETH) Needs To Confirm This Bullish Pattern For A Recovery

Ethereum (ETH) could be positioned for a price recovery if it confirms a bullish pattern that the token appears to be trading in.
Published by
Ethereum (ETH) Needs To Confirm This Bullish Pattern For A Recovery

Ethereum (ETH) slumped in line with broader crypto markets this week, amid concerns over slowing economic growth and rising inflation. But the token appears to be trading in a bullish technical pattern, which if confirmed, could bring about a price recovery.

ETH slumped 14% in a week to around $3,019, briefly breaking below the key $3000 level. The token had initially logged strong gains in March on anticipation of a shift to a proof-of-stake (PoS) model later this year.

The move to a PoS model is also expected to attract institutional investors to the token, which could spur another rally this year. But for now, ETH has to contend with volatile market forces.

Advertisement

ETH retesting an Ascending Triangle

Crypto analyst @rektcapital  said the token was in the process of retesting an ascending triangle top to establish a new support level, which is slightly above $3000. If the token is able to stay above the level for an extended period, it could signal a price breakout, eventually resulting in a price recovery.

An ascending triangle is a typically bullish pattern that shows a currency may be positioned for a breakout. In ETH’s case, the breakout level would be around $3030.

Source: @rektcapital

But the analyst also noted that because Bitcoin (BTC) had recently failed to confirm its own ascending triangle breakout, it appeared likely that ETH would as well.

Advertisement

Crypto markets struggle against selling pressure

Recent losses have seen crypto markets virtually erase all of their gains made during a stellar rally in late-March. ETH has tumbled as much as 20% from a high of $3,550 hit earlier this month.

A bulk of the selling pressure has come from concerns over rising U.S. inflation. A reading for March, due later in the day, is expected to come in at a 40-year high.

The Federal Reserve has also outlined sharp interest rate hikes in response to rising prices. This is expected to reduce the viability of investing in several risk-driven asset classes, including crypto.

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025
  • 24/7 Cryptocurrency News

FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading

FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…

October 2, 2025
  • Bitcoin News

Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000

JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…

October 2, 2025
  • 24/7 Cryptocurrency News

Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand

Derivatives exchange CME Group has announced plans to begin offering 247/7  crypto futures and options…

October 2, 2025