Ethereum (ETH) has been navigating below the $2,600 mark after a recent crypto market downturn, interrupting its previous upward momentum. Despite this, a bullish Morning Star Candlestick formation has emerged, indicating a potential rebound in the coming weeks, according to Crypto Bullet's analysis of the 1-month chart.
The Morning Star pattern, a sign of a possible shift from a bearish to a bullish trend, suggests growing upside momentum for ETH. The analyst predicted a rally towards $3,300 after ETH broke past the $2,500 resistance level.
On-chain data from Binance, reported by Darkfost, shows a rise in Ethereum whale orders since May 19. This trend mirrors activity seen in December 2023, which preceded a significant ETH price increase from $2,200 to $4,000, suggesting strong investor confidence.