ETH shows potential double bottom, hinting at relief rally

Ethereum (ETH) is forming a potential double bottom pattern on its daily chart, which could lead to a relief rally, according to an analysis by CryptoPotato. The publication noted that ETH has bounced strongly off the $1,500 support level twice. While the double bottom pattern is not yet confirmed, this repeated defense of a key support level suggests that selling pressure may be weakening. However, the broader trend remains bearish, as ETH continues to trade within a multi-month downward channel and below its 100-day and 200-day moving averages, located around the $2,000 to $2,200 range. If ETH can break through the $1,800 resistance level to confirm the pattern, it could rally toward the $2,000-$2,200 zone, CryptoPotato explained.