Key Factors to Watch Right Now from U.Today

In an exciting development, Ethereum (ETH) is poised for a significant rebound, setting its sights on a price range between $1,800 and $1,900. This optimistic projection follows reports of a temporary surge attributed to misleading news about a spot ETF approval, while the altcoin market is showing signs of recovery.

Currently, Ethereum is trading at approximately $1,615 per token, with analysts closely monitoring its growth potential. A well-known expert in the cryptocurrency field has identified a promising pattern on the three-day chart.

According to the analysis, Ethereum is on the brink of a rebound as it approaches a breakout from an ascending triangle formation. To confirm this prediction, it is crucial for the price to close firmly above the 18-day Simple Moving Average (SMA). A strong close, perhaps indicated by a daily candlestick, would pave the way for further gains.

The targeted price range of $1,800 to $1,900 is particularly noteworthy, as it represents a 50% to 61.8% price correction following a prolonged decline that began in mid-April—a classic correction in market terms.

As Ethereum nears these critical price levels, the market is expected to gain clearer insight into its future direction. Observers believe that breaking and sustaining prices above these key levels will signal the potential for continued upward momentum.