Ethereum technical chart set up with double bottom formation hints at trend reversal and strong buying interest.
On-chain data reveals a surge in buying interest for Ethereum among US-based crypto whales trading on Coinbase Pro, reaching a 100-day high.
Over the last few days, the world’s second-largest cryptocurrency Ethereum (ETH) has been trying to regain the lost ground after reversing from its crucial support at $1,500. At press time, Ether (ETH) is trading at $1,677 with a market cap of over $200 billion.
Upon examining the daily timeframe, it’s clear that this recovery might indicate the development of a bullish reversal pattern called a double bottom. This classic technical pattern often foreshadows a potential trend reversal, characterized by two price troughs, like Ethereum’s at $1,500, hinting at substantial buying interest. The double bottom pattern suggests that selling pressure from bears may be dwindling while buyers gain control, potentially paving the way for
