- ETH has increased by 9.03% in the last week.
- An analyst predicts further gains if the $2200 support level is maintained.
Ethereum [ETH] has recently seen a significant price rebound, currently trading at $2553 as of the latest update.
This represents a 5.25% rise in the past 24 hours, culminating in a week-long rally. Consequently, on the weekly charts, the altcoin has ascended by 9.03%.
Before these recent gains, Ethereum had been experiencing a downturn, hitting a low of $2251 last week.
Even with the recent upswing, Ethereum’s price remains significantly lower than its March peak of $4070. Additionally, it is still down by 47.9% from its all-time high of $4878.
As a result, current market conditions prompt questions about the durability of the recovery. In light of this, well-known crypto analyst Ali Martinez emphasized the potential for a rebound if the $2200 support level is maintained.
Market Sentiment Insights
Martinez noted that the TD Sequential indicator was signaling a “buy” on Ethereum’s weekly charts at the time of writing.
Source: X
This indicates that the market is poised for a strong recovery should ETH prices maintain above the $2200 support level.
In this context, TD Sequential is used to identify exhaustion in trends and possible reversal points. Consequently, a buy signal on the TD Sequential suggests that the downtrend is weakening, hinting at a potential upward reversal.
Thus, based on the weekly charts, ETH could experience a sustained rally instead of a fleeting bounce.
ETH Appears Promising
AMBCrypto’s analysis indicates that ETH is witnessing robust upward momentum on weekly charts, fueled by favorable market conditions that position the altcoin for more gains.
Source: Coinglass
Notably, Ethereum’s OI-Weighted Funding Rate has remained stable over the past four days.
Typically, a positive OI-Weighted Funding Rate indicates that a significant volume of open interest is from investors taking long positions.
A high Open Interest paired with a positive Funding Rate signals that investors are leveraging their positions to bet on price rises, showcasing confidence in upward movement.
This reflects a bullish outlook, as long position holders are compensating short position holders.
Source: Santiment
Furthermore, Ethereum’s Funding Rate Aggregated by Exchange has been positive for the past three days. This corroborated AMBCrypto’s previous insights about a greater interest in long positions compared to short ones.
Source: IntoTheBlock
Finally, Ethereum’s large holder netflow has stayed positive for most of the week, turning negative only once on September 14th.
Read Ethereum’s [ETH] Price Prediction 2024–2025
Therefore, for the past six days, ETH has seen more inflow from large holders than outflow, indicating that large holders are accumulating and signaling confidence in the asset’s future potential.
In conclusion, Ethereum is currently showcasing a positive market sentiment. If these conditions persist, ETH may be set to challenge the next resistance level around $2810, which has previously proven to be a difficult threshold.
