Ethereum (ETH) has signaled a potential bullish rebound in the near term after closing last week in an inverted hammer candlestick. The large-cap layer-one (L1), with a fully diluted valuation of about $273 billion and a daily average traded volume of around $12.5 billion, dropped 6 percent in the past 24 hours to trade about $2,274 on Monday, September 16.
However, the top-tier altcoin has significantly reduced the correction rate observed in August and the first week of September.
What Next for Ethereum Price
From a technical standpoint, Ethereum’s price against the US dollar must rebound from the current support level to avoid further capitulation in the near term.
According to on-chain data analysis provided by IntoTheBlock, around 1.9 million Ethereum addresses purchased 52.3 million ETH between $2,290 and $2,360, thus acting as a major support level.
In case of a possible breach of the current support level, Ethereum’s price could easily fall below $2k towards the next major support of about $1800.
Last Pain Before Rebound
Despite approving spot Ethereum ETFs in the United States and other jurisdictions, ETH price has lacked bullish momentum. The latest market data shows that the US spot Ether ETFs have registered five consecutive weeks of losses.
On the other hand, the US spot Bitcoin ETFs have registered a better reception.
Consequently, Ethereum’s price has continued to bleed to Bitcoin, as shown by the latter’s market dominance. With the ETH/BTC pair down over 53 percent since September 2022, experts believe a major bullish rebound is on the horizon, triggering the anticipated parabolic altseason.
