Ethereum may rebound to $6,000... ”Various factors support bullish pattern”

With Ethereum (ETH) trading in the $2,400 range, there is a possibility that it could recover to $6,000.
According to reports, Ethereum is currently testing key support levels that led to a 160%+ rebound, and various factors are
The reason behind this bullish pattern is that Ethereum has fallen 5.40% so far this month and could post its first October loss since 2018. The decline is due to the
This is due to increased competition from new smart contract platforms like Lana and a lukewarm market response to Ethereum-based exchange-traded funds (ETFs).
However, there are growing signs that Ethereum may rebound, with some indicators suggesting that the price of Ethereum could recover to $6,000.
Ethereum is currently holding critical support at around $2,400. This price coincides with the downtrend line of ETH’s multi-month ascending channel pattern.
This period has seen some historically rapid price recoveries, including a rebound of over 160% from October 2023 to March 2024.
If the $2,400 support holds, Ethereum could head to the upper boundary of the channel near $6,000 in the coming months.
Another factor supporting the bullish outlook is that Ethereum’s weekly relative strength index (RSI) has bounced off its historic support zone, helping Ethereum rise above the lower trendline of the channel.
In the past, Ethereum has bounced off similar support levels and seen sharp increases.
Also, CryptoQuant analyst Burak
Kesmeci said the recent surge in Ethereum withdrawals on Coinbase was due to institutional investors.
On the 25th of last month, an anonymous institutional investor traded 543,000 ETH (equivalent to about $1.3 billion, or about 199.5 billion yen) in crypto assets (virtual currencies) in one hour.
The withdrawal marked one of the largest Ethereum movements in the last three months. Such large movements are often seen as a signal of institutional investment activity.
When major players move large amounts of crypto assets off exchanges, it usually signals a shift to a long-term holding strategy and may reflect bullish sentiment.
Kesmetchi cited the example of 681,100 ETH (equivalent to approximately $1.8 billion, or approximately 276.2 billion yen) being withdrawn from Coinbase in August 2024, and said that Ethereum
"The second large withdrawal in three months strongly suggests that interest from institutional investors may be on the rise," he said.
Ta.