Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH?

Ethereum has been underperforming compared to Bitcoin and other altcoins like Solana, leading to investor concerns. The lack of enthusiasm surrounding Ethereum ETFs has contributed to the bearish sentiment around ETH. Ethereum is currently trading near its yearly low of $2,400 after an 18% drop from local highs. Top analyst and investor Mags has shared an analysis revealing that ETH has been consolidating within a massive triangle formation since 2021. Mags anticipates a potential double-bottom pattern forming near this upward-sloping trendline, indicating that a bullish reversal may be on the horizon. The price recently tested a key demand zone at $2,307, showing initial signs of recovery. This level is essential for Ethereum's price action, as a hold above it could signal strength and create the foundation for a move higher. A potential bullish scenario could unfold if Ethereum's price holds the lower boundary of the triangle and gains upward momentum. For bulls, reclaiming the $2,600 mark is essential to shift the price structure and initiate a new uptrend.