Ethereum ‘has to bounce’ as ETH bulls pin $5K rally hopes on critical support channel

Ethereum ‘has to bounce’ as ETH bulls pin $5K rally hopes on critical support channel


Ethereum’s native token, Ether (ETH), could see yet another strong rebound in the sessions ahead as its price falls into a trading zone with a recent history of attracting buyers.

The rising trendline has been triggering ETH’s price rebounds since the beginning of October and comes as a part of a broader ascending channel range.

ETH/USD 4-hour price chart featuring the ascending channel setup. Source: TradingView

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As a result, Ether’s path of least resistance has been to the upside despite pullbacks at the channel’s upper trendline, with its quarter-to-date returns currently sitting at over 38%.

Most recently, the rising trendline was instrumental in limiting sell-offs that followed Ether’s rally to a new record high above $4,870. That prompted analysts to expect another strong price rebound in the future, with a

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