The Ethereum (ETH) price has been consolidating in a narrow range since it dropped below $2,450 on Oct. 2. Despite Bitcoin’s market volatility, Ether’s weekly returns have only fallen by 1%. Ethereum has maintained its bullish position by staying above the 200-day EMA trendline.

Last month, Cointelegraph reported that Ethereum was forming a market fractal. This fractal was observed in the May-June 2021 and March-May 2024 periods, and in both cases, the altcoin experienced a bullish breakout. A similar situation is currently expected to occur in the coming weeks.

The ETH/BTC chart is signaling a bottom in favor of the altcoin. Analyst Trader Tardigrade notes that ETH/BTC has formed a double bottom on the daily chart. A double bottom formation is considered a sign of a bullish market reversal.

Analyst CryptoBullet, who stated that ETH/USDT could fall to $2,085, expects a bullish breakout after this level. The coming weeks will be critical for the ETH price.

We are waiting for your comments: Do you think Ethereum will rise?