Technical indicators suggest Ethereum could be entering a significant bullish phase, highlighted by the emergence of a rare bullish Moving Average Convergence Divergence (MACD) crossover occurring below the zero line. This technical pattern, last observed in January 2023, historically signals early trend reversal potential.
Simultaneously, Ethereum is undergoing a pivotal retest of its 2022 ascending trendline originating from the market cycle bottom. A notable price surge exceeding 7% has reinforced the asset’s bullish market structure during this critical technical phase.
Key support levels to monitor include $2,124 and $2,490, with resistance near $4,021 representing a major upside target for bulls. Institutional participation appears to strengthen, evidenced by a significant rise in Ethereum futures open interest to $3.27 billion.
Analysts highlight the confluence of the MACD crossover and trendline retest as a crucial technical juncture, fostering renewed market optimism for Ethereum’s trajectory amid growing institutional engagement.