Ethereum (ETH) is expected to break through $4204, with key technical patterns coming into play.

Gate News, Ethereum (ETH) is facing increasing bearish pressure after breaking below the $2500 mark a few days ago. The price of ETH may have experienced a significant pullback, but crypto assets analyst Rose Premium Signals is confident that a rebound is imminent.

In a post shared on X, the analyst’s analysis of ETH indicates that as key chart patterns begin to form, this altcoin is gathering strength in a downtrend. Specifically, Rose Premium Signals identified a cup and handle pattern within a 1-week time frame.

The cup and handle pattern is a bullish continuation pattern that signals a potential rebound after a consolidation phase. Due to the fact that this pattern often indicates bullish prospects, experts believe that ETH may rebound again and soar to new highs.

(Source: X, Trading View)

From the weekly chart, the price of Ethereum is currently pulling back from the neckline area of about $2600. Despite the significant fall, the key chart pattern is expected to trigger a substantial rebound in ETH.

As the cup and handle pattern matures, ETH may soon experience a significant rise and could challenge its previous highs. According to Rose Premium Signals, if the area is successfully reclaimed, this altcoin may get closer to the key target of $4204.69.

Despite the pullback in Ethereum, crypto assets expert and trader AlienOvicho revealed that the altcoin is gradually approaching a price range that is considered a good buying point. After analyzing the ongoing price trend, this analyst emphasized the buy zone between $2140 and $1970.

With the intensification of bearish pressure, the buying zone between $2140 and $1970 is a key area where a positive reaction is expected, and currently ETH is testing this zone. However, if there is no rebound next week, attention will shift to the next potential demand area, around $1800.

This level is consistent with the previous structure, and if the overall structure remains unchanged, it may provide a more solid foundation for subsequent upward movements. Meanwhile, a rebound is expected in the coming days, which will drive the ETH price to break through the resistance level of $2300.

The price of ETH may face bearish pressure, but trader sentiment seems to be improving. Data from CoinMarketCap shows that its trading volume has increased by over 13% in the past day.