Ethereum($ETH) is showing strong technical signs of a near-term bottom reversal, with an expected rise to $2,163.
Ethereum targets $2,163 after completion of double bottom
As shown in the table below, $ETH clearly formed a classic double bottom reversal pattern near the $1,510 support. Additionally, just two days ago, the coin broke above the $1,842 resistance after a period of consolidation. At the time of going to press, $ETH still maintained this bullish momentum, trading at around $1,883 (+6.88% in the last 24 hours).
Source: Technical Charts
According to veteran chartist Aksel Kibar, this setup projects an upside target of $2,163 – calculated from the movement of the double bottom pattern towards the neckline. This also follows a similar short-term bullish forecast made by the analyst just three days ago, indicating continued bullish momentum in the reversal.
This thesis is also supported by the multi-month uptrend line, which shows higher lows between February and May. This trajectory means buyers are constantly accumulating even as prices rise, further reinforcing the bullish push mentioned earlier.
Recent developments fuel an upward bias
In addition to the technical analysis above, EthSystems, a spin-off of the Ethereum Foundation, recently launched as an independent, for-profit research and engineering company. The Ethereum community expressed optimism about the event, as it signaled Ethereum’s commitment to providing blockchain privacy to heavily regulated institutions.
Additionally, the current colder-than-expected inflation data is encouraging investors to turn to crypto assets. In addition to retail investors, institutions continue to accumulate tokens, with Bitmine Immersion Technologies now holding 5.77 million. $ETH tokens (around 4.8% of the circulating supply).
Key levels to watch
Important levels to watch now include double bottom neckline resistance from $1,842 to $1,850. Downside penetration below this threshold could invalidate the bullish setup.
Additional resistance lies between $1,900 and $2,000, which marks the highs reached between May and June just before the sharp decline.
A breach of these two zones, coupled with increased trading volumes, would pave the way for the $2,163 target.