Ethereum Price Drops Nearly 10% But Analyst Identifies Four Bullish Indicators

Ethereum (ETH) has declined nearly 10%, falling below the $2,500 support level. Despite this downturn, crypto analyst Doctor Profit identifies four bullish indicators suggesting a potential price resurgence.

Key Indicators Signal A Bullish Turn

Doctor Profit's analysis highlights long-term signals rather than short-term trends. He emphasizes:

The 200-week Exponential Moving Average (EMA) historically acts as a significant support level, indicating past rebounds after dips.
The risk-reward ratio is favorable, with a potential upside of 200% towards $8,000-$10,000 and a downside of only 20%.
ETH's price is within a long-term ascending channel, nearing its lower boundary—an advantageous entry point for investors.
A weekly ascending triangle pattern suggests a robust bullish setup, historically leading to considerable price expansions.

Doctor Profit anticipates a breakout towards the $4,000 mark, supported by a substantial liquidity zone around that price. Increased institutional accumulation is evident through record inflows into Ethereum ETFs and significant on-chain withdrawals.

Currently, ETH trades at $2,420, reflecting a drop of 10% over the past 24 hours.