Ethereum (ETH) May Be Reversing Course, Says Top Analyst; Watch These Key Resistances

Ethereum surged nearly 3% to $2,160, with analyst Ali Martinez identifying signs of a major trend shift from bearish to bullish based on an ascending triangle formation and key technical indicators. The SuperTrend indicator flipped bullish for the first time since May, while the MVRV ratio drop below 0.8 historically signals buying opportunities.

• →Ethereum gained nearly 3% to reach the key $2,160 resistance level on Wednesday.
• →Technical analysis shows ETH forming an ascending triangle pattern with potential for upside breakout.
• →The SuperTrend indicator turned bullish for the first time since May 2023, suggesting momentum shift.
• →MVRV ratio falling below 0.8 coincided with support test, historically indicating buy signals.
• →Price targets range from $2,356 short-term to $5,624 in longer-term expansion scenarios.