#XmasCryptoMiracles Ethereum price is gearing up for a rebound toward $6K
The decline is driven by intensifying competition from newer smart contract platforms like Solana (SOL) and the tepid market response to Ethereum-based spot ETFs.
However, there are growing signs that Ether might be set for a turnaround, with several indicators pointing to a potential recovery toward $6,000.
Ether holds support that last preceded 160% gains
Ether is currently holding above a crucial support level at around $2,400. This price coincides with the lower trendline of ETH’s multimonth ascending channel pattern, which has historically preceded sharp price recoveries, including the cryptocurrency’s 160%-plus rebound between October 2023 and March 2024Ether (ETH), Ethereum’s native token, is on track
to post its first October loss since 2018, having fallen 5.40% month-to-date to reach $2,475 on Oct. 27.
If the $2,400 support remains intact, Ethereum may target the channel’s upper boundary in the coming months, which lies near the $6,000 mark.
Adding to the bullish outlook, Ether’s weekly relative strength index (RSI) has also bounced off a historical support zone, which aligns with ETH’s test of the channel’s lower trendline.
ETH price movements have rebounded from similar support levels in the past, resulting in sharp upward moves.
$1.3B in ETH exits Coinbase
A recent surge in Ethereum outflows from Coinbase suggests a potential wave of institutional interest, according to data shared by CryptoQuant analyst Burak Kesmeci.
On Oct. 25, in just one hour, an anonymous entity withdrew 543,000 ETH—valued at over $1.3 billion—from the crypto exchange, marking one of the largest movements of Ether in the past three months.$