Ethereum (ETH) has experienced a significant decline of around 6.60% over the past week, hitting lows near $3,100 following the launch of Ethereum spot ETFs.
Despite this recent turbulence, market analysts remain optimistic about Ethereum’s potential for a substantial upward surge. Key metrics and technical patterns suggest that Ethereum is gearing up for a major rally, potentially driving its price beyond the $4,000 mark.
In a TradingView post on July 27, analyst RLinda highlighted that the ETHUSDT chart shows bulls actively maintaining the price above a crucial support line.
Ethereum price analysis chart. Source: TradingView/RLinda
According to the analysis, Ethereum is currently navigating a correction phase, testing crucial zones of interest, specifically the 0.5 Fibonacci retracement level and the 200-day moving average (MA-200).
This correction phase features a false breakdown, a pattern often leading to significant upward movements supported by strong underlying
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