Ethereum price has been showing strength and looks poised for a strong bounce-back all the way towards $6,000. Currently, ETH has been flirting around $2,700 levels with weekly gains near zero. However, a strong bullish undercurrent could once again drive it above $3,000 in the near term. Ethereum co-founder
Ethereum Price Rebound Likely As Buy Signal Emerges
Crypto analyst Ali Martinez has highlighted a potential bullish setup for Ethereum (ETH) based on the TD Sequential indicator. According to Martinez, the indicator has historically signaled strong Ethereum price rebounds whenever a buy signal appears near the lower boundary of ETH’s weekly trading channel.
“A similar setup could be unfolding now,” Martinez noted in his message on the X platform. He also suggested that ETH may be primed for another upward move if the pattern holds true. Traders are keeping a close watch on the channel’s lower boundary for confirmation.
Market Analysts Turn Bullish
Despite the recent underperformance in Ethereum price, market analysts continue to be bullish for the altcoin expecting major rally ahead.
Crypto analyst Ted Pillows has pointed to a double-bottom pattern forming in Ethereum’s (ETH) price charts, signaling a potential bullish breakout. Pillows described the potential move as “legendary,” suggesting that Ethereum could rally significantly, with a target of $7,000 if the pattern plays out.
Ethereum contributor Anthony Sassal also expressed his bullish outlook despite market pessimism. He wrote:
“I know it’s not popular to be bullish on ETH these days, but I still think that ETH is extremely undervalued. We’ve entered the ‘Ethereum acceleration era’ and I’m incredibly bullish on the future of the world computer and the worlds best decentralized programmable money”.
Vitalik Buterin on Higher ETH Gas Limit
Ethereum co-founder Vitalik Buterin has called for an increase in the network’s gas limit, emphasizing its potential benefits. Buterin also argued that a higher gas limit would enhance Ethereum’s censorship resistance, improve Layer 2 interoperability, and bolster network security in disaster scenarios.
Ethereum has announced its upcoming Pectra upgrade, outlining a detailed roadmap for its activation across various networks. The upgrade is scheduled to go live on the Holesky testnet on February 24, followed by deployment on Sepolia on March 5. The mainnet release is targeted for April 8. The Pectra upgrade is expected to introduce key enhancements to Ethereum’s functionality and performance. Thus, market analysts believe the upgrade could drive Ethereum price to $10,000 and beyond.
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