Ethereum (ETH) is showing signs of a potential rebound after testing a crucial support level that previously led to a 160% price increase. Multiple factors support this bullish outlook, including the historical significance of the current support level, oversold conditions, and a surge in institutional interest.

Ether is currently holding above $2,400, coinciding with the lower trendline of its multi-month ascending channel pattern. This level has historically preceded sharp price recoveries, including a 160% rebound between October 2023 and March 2024.

Ethereum's potential rise to $6,000 could be further fueled by rotations out of its top rivals, Bitcoin and Solana. While Bitcoin is facing resistance at its all-time ascending trendline support, Solana's rapid surge against Ether may be due for a correction, creating opportunities for Ethereum to outperform. Show Less