As Ethereum begins to show positive price action once again, the altcoin is seeing a wave of bullish predictions from multiple crypto experts about its trajectory in the short term, suggesting a potential rally in the upcoming weeks.

A 63% Rally For Ethereum Could Be On The Horizon

In an optimistic post, market expert and enthusiast, Javon Marks has expressed his confidence about a possible bullish breakout, pointing to a robust upside momentum in the near term. The expert points to several market indications and technical setups that show promising signals, with ETH overcoming recent resistance levels that could set the stage for a price spike.

According to the expert, Ethereum seems to be getting close to another significant breakout point, and a bullish break is likely to take place due to a prior bull pattern confirmation and breakout, implying a similar price movement for the altcoin to past positive trends.

As a result, Javon Marks believes that this key breakout will trigger a price growth to the $4,080 level, which is more than 63% away from its current value movement. In addition, the analyst claims that development might turn out to be the start of a much bigger upside in the upcoming weeks.

Javon Marks’ anticipated breakout coincides with the growing sentiment and optimism toward the altcoin, signifying possible renewed momentum. Mark’s prediction also aligns with Ash Crypto, another market analyst and trader, who has forecasted that ETH could hit a new all-time high in 2025.

After examining Ethereum’s recent price action, Ash Crypto noted that the altcoin has reached its major trendline support capable of igniting a notable price surge. This is due to the fact that the digital asset witnessed a hard pump the last 3 times it retested the major trendline.

The first time ETH retested the trendline in 2022, it surged by over 123% in the period of 3 months, the second time caused about 107% increase in 7 months, and the last, which was in 2023 triggered an over 158% upswing in about 6 months. Thus should the digital asset replicate this move, Ash Crypto is confident that it could witness a 100% rally from its present value to a new all-time high in 2025.

ETH Preparing For A Rebound?

Following a few days of downside movement, ETH investors are beginning to show their presence in the market, pushing the altcoin toward a possible rebound. Ethereum is presently trading at $2,460, demonstrating a brief upward movement of about 0.60% daily increase, slowly approaching the $2,500 price level.

Given the heightened interest in ETH, the asset could continue to print more gains as bulls have formed strong support at the $2,450 mark. Data from CoinMarkCap reveals that the trading volume of ETH has surged by more than 20% in the past day.

Featured image from Unsplash, chart from Tradingview.com

Ethereum is trading at a critical demand level following an 11% pullback from recent local highs. This dip has analysts and investors on edge, as losing this level could trigger a wave of aggressive sell-offs, potentially driving ETH prices lower. 

Amid this concern, however, prominent analyst Ali Martinez has shared an optimistic technical analysis, highlighting a strong risk-to-reward setup on the Ethereum chart. According to Martinez, the current level offers a compelling entry point, suggesting that Ethereum could see a significant upside if it holds support.

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The timing of this potential rebound is especially noteworthy with the US election tomorrow, an event that could heavily influence broader market sentiment. Many in the crypto community anticipate that election outcomes will set the stage for a new rally, with Ethereum positioned to capitalize if bullish momentum returns. 

In the coming days, all eyes will be on whether ETH can defend this demand zone, as its performance could either validate or challenge the prevailing bullish expectations across the market. For now, Ethereum’s price level remains pivotal, and the market is closely watching for signs of direction amid the election and broader economic uncertainties.

Can Ethereum Hold Above Key Demand?

Ethereum is trading at a pivotal support level of around $2,450, which many analysts view as a critical “last line of defense” for bulls. Ethereum could experience a deeper decline if this level fails, potentially putting it at risk of underperforming against competitors like Solana or Bitcoin, which have recently shown more relative strength. 

Investors share this concern and are closely watching ETH’s movement as it teeters on the edge of this crucial support.

However, top crypto analyst Ali Martinez has presented a more optimistic perspective on X, suggesting that Ethereum may be poised for a significant recovery. In his recent technical analysis, Martinez emphasized that the current risk-to-reward ratio for ETH is highly attractive for a long position, especially for those with a longer-term outlook. 

He disclosed that he had set a stop-loss below $1,880—a level limiting downside risk—while targeting an ambitious price of $6,000. This target represents a potential 145% rally from current prices, underlining Martinez’s confidence in Ethereum’s potential upside if it can hold this crucial zone.

The next few days, or even hours, could prove decisive for Ethereum as it consolidates at $2,450. To move toward Martinez’s target, ETH must build strength and start challenging local highs, signaling buyers are stepping in. 

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The upcoming price action will reveal whether Ethereum can revive its bullish momentum or succumb to further downside pressure. For now, the $2,450 support is a critical threshold for ETH’s near-term trajectory.

ETH Technical Analysis

Ethereum (ETH) is trading at $2,450 after a strong rebound following a failed breakdown below the $2,400 mark. This resilience is encouraging for bulls who believe ETH is primed for a significant rally, especially if Bitcoin can break above its all-time high.

 However, this crucial support level alone isn’t enough to spark a sustained uptrend. Bulls must push the price above the 200-day exponential moving average (EMA), currently at $2,762, to confirm momentum and establish a stronger bullish outlook.

The 200-day EMA has acted as a formidable resistance since early August, repeatedly pushing ETH’s price down. A breakout above this moving average would indicate a critical shift, potentially turning it into a new support level. This move would set the stage for ETH to challenge higher levels, fueled by renewed buyer confidence and broader market optimism. 

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Conversely, if bulls fail to reclaim this EMA, Ethereum may face continued downward pressure, leading to further testing of key supports. For now, ETH’s support of around $2,450 keeps hope alive for bulls aiming for a breakout, but reclaiming the 200-day EMA remains essential to fuel the next leg of a bullish rally.

Featured image from Dall-E, chart from TradingView

Two Ethereum Foundation researchers Justin Drake and Dankrad Feist have disclosed the decisions to drop their advisorship positions with EigenLayer. The two experts took on this role with the restaking protocol earlier in May 2024 — but much to the disappointment of the crypto community.

As reported by Bitcoinist, the prominent crypto figures took the step to join EigenLayer as advisors, with Drake specifically promising to reinvest his earnings into the ETH ecosystem. Nevertheless, the crypto community on the social media platform X raised their concerns about conflicts of interest surrounding the appointment of the Ethereum researchers. 

Justin Drake Apologizes To Ethereum Community And Foundation 

In a November 2 post on X, Justin Drake announced that he dropped the advisory role with EigenLayer in September 2024 and has also left the Ultra Sound team. The researcher also apologized to the Ethereum community and his colleagues at the foundation for the controversy surrounding his appointment.

Drake added in the post:

Going forward I will turn down all advisorships, angel investments, and security councils. This personal policy goes above and beyond the recent EF [Ethereum Foundation]-wide conflict of interest policy, not because that was asked of me but because I want to signal [a] commitment to neutrality.

As highlighted in Drake’s message, the crossover to Eigenlayer by the two researchers forced the Ethereum Foundation to craft a conflict-of-interest policy in order to avoid a repeat of such incidents. Following the moves, executive director Aya Miyaguchi was the first to indicate the foundation’s commitment to addressing the issue of conflict of interest.

Source: AyaMiyagotchi/X

More Danksharding Upgrades?

Oddly, Dankrad Feist at the same time released a message on X announcing his decision to resign from his advisorship role at EigenLayer. The famous creator of the “Danksharding” concept reiterated that while the contract was negotiated in good faith, he understands how the relationship with EigenLayer could be easily misunderstood.

Feist noted:

Eigenlayer is a great project that I hope will continue to complement Ethereum well in several ways. But Ethereum has a lot of important work to do and I will focus all my attention on getting it done. This will allow me to be more effective in implementing Danksharding and other important projects.

These announcements garnered positive responses from the crypto community on the X platform, with several notable figures labeling their decisions to leave EigenLayer a good call. 

The price of ETH under bearish pressure on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from Getty Images, chart from TradingView