Ethereum Eyes Relief Rally as Double Bottom Forms Near $1.5K (ETH Price Analysis)
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Ethereum remains in a long-term descending channel and trades well below the 100- and 200-day moving averages (around $2,000–$2,200), confirming the macro bearish trend. However, ETH held $1,500 support twice and shows a potential double bottom with improving short-term momentum that could spark a relief rally if buyers reclaim nearby resistance, impacting crypto market structure, DeFi activity and token performance.
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While Ethereum’s overall market structure is still dominated by the sellers, recent price action suggests sellers may be losing momentum after the market was held by the $1.5K support region twice. The emergence of a potential double bottom and improving short-term momentum could pave the way for a relief rally if buyers reclaim the next resistance cluster.
Ethereum Price Analysis: The Daily Chart
On the daily timeframe, ETH is still trading within the same long-term descending channel that has remained intact for months, with both the long-term moving averages sloping lower just above the channel’s higher boundary. The price remains well below the 100-day and 200-day moving averages, which are currently positioned around the $2K to $2.2K region, confirming that the macro trend is still bearish.
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Ethereum Price Analysis: ETH Tests Crucial Resistance Following Channel Breakout
