"Ethereum's Price Rebound: Bullish Breakout Imminent"

Ethereum's price has been under significant pressure due to broader market downturns, largely attributed to recent negative macroeconomic conditions. However, a seasoned crypto expert predicts a shift in ETH's price behavior from bearish to bullish, with a potential short-term rebound on the horizon.

Technical analyst and investor Jonathan Carter has identified a bullish formation that could spark a notable upsurge in Ethereum's price. In the 1-day time frame, Ethereum has formed a massive Descending Channel pattern, which is considered a bullish technical pattern formed by connecting lower highs and lower lows with parallel trendlines. Once the price breaks above the upper trendline, it usually indicates a rally is about to begin. Ethereum is currently hovering around the key technical pattern, with a key support level at $2,060.

Carter highlights short-term and long-term opportunities near this support level, with targets at $2,360 and $2,560. In the event that Ethereum rebounds and breaks out of the descending channel, the expert foresees a move to the $3,450 mark, where the asset may witness increased buying pressure. ETH's breakout signals the beginning of a strong upward trend and the potential end of the ongoing correction. Should the rally continue, the next key resistance barrier to challenge is at $4,050, where the current downward trend initially began.

Analyzing the 1-week time frame, the much-anticipated reversal is capable of reaching new all-time highs in the upcoming weeks. Carter has identified a huge Ascending Triangle pattern on the weekly chart, signaling growing momentum toward the upside. The chart shows that Ethereum is attempting to bounce from the ascending triangle support, which will propel its price into uncharted territory. Furthermore, the altcoin's price has managed to stay above the 100-day Moving Average (MA) and the multi-year trendline. When the breakout occurs, Carter expects bullish momentum to drive prices to targets at $3,200, $4,000, $4,850, $6,000, and $7,500.

Recent downward trend has caused ETH to revisit a crucial level that previously led to a substantial upswing. Market expert and trader Titan of Crypto spotted the development, which indicates an