Ethereum Price Signals 35% Recovery as ETH/BTC Forms a Bullish Pennant

Ethereum (ETH) is down 7% today, June 13, with a 40% spike in trading volumes that topped $40 billion within 24 hours as traders looked to offload their coins amid concerns over Israel and Iran. Despite the drop, a bullish cross on the Ethereum price chart signals a potential 35% recovery as ETH/BTC forms a bullish pennant, signalling it could soon outperform Bitcoin (BTC).

At press time, ETH price trades at $2,437 after falling from its daily high of $2,770. Per Coinglass data, Ethereum liquidations reached $294 million within 24 hours, with most of the liquidated positions being from long traders.

Ethereum Price Eyes 35% Recovery Amid Bullish Crossover

Ethereum price eyes a 35% recovery according to the bullish formation on the daily timeframe chart. This recovery could occur if historical trends align and a bullish crossover has the same impact that it did in the past.

The 50-day moving average (SMA) has crossed above the 150-day SMA, which signals that the short-term momentum is gaining strength. The crossover implies that buy-side pressure is gaining strength and may tilt the trend upwards.

Past data shows that each time this crossover occurred, the price of Ethereum recorded a notable price surge. In November 2024, this SMA crossover sparked a 35% rally that pushed Ethereum price from around $3,000 to above $4,000 in weeks. In November 2023, the crossover sparked bigger gains of more than 115%.

If Ethereum price repeats last year’s trend and surges by 35%, it could soar past $3,500. Such a rally is more likely to occur because, besides having a strong technical structure, institutions are also adopting Ethereum after Sharplink Gaming purchased 176,271 ETH.

For the above bullish outlook to play out, buyers will have to step into the market, and currently, the buy-side pressure is notably low. The RSI stands at a neutral level of 50 after a sharp decline from the May overbought levels. The RSI has to surge and form higher highs to confirm a strong upward momentum.

ETH/BTC Forms a Bullish Pennant

Ethereum price is also showing signs of outperforming Bitcoin as the ETH/BTC ratio forms a bullish pennant. This pattern was formed after the initial surge in ETH price in May, which formed the flag pole, before the ratio consolidated within a symmetrical triangle.

The bullish pennant signals that Ethereum’s strength, relative to Bitcoin, paused momentarily before continuing higher. If the ratio confirms a breakout above the upper trendline of the pennant, it will validate the outlook and signal ETH’s renewed strength.

Based on the flagpole’s height, overcoming the upper trendline resistance could trigger a 40% surge to 0.036, the highest level since January 2025. This surge will coincide with a massive Ethereum breakout rally past $3,500.

In conclusion, the Ethereum daily timeframe chart signals that a recovery could be imminent for the largest altcoin. If a bullish SMA crossover triggers a rally like it has done in the past, Ethereum price could surge past $3,500. Moreover, the formation of a bullish pennant on the ETH/BTC chart signals that an upward trend is likely.

With bullish signs aligning on the daily chart, the long-term Ethereum price prediction shows what to expect from ETH from 2025 to 2030.