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Can Ethereum (ETH) price rebound next week?

Can Ethereum (ETH) price rebound next week

Ethereum’s (ETH) value has experienced another decline this week, dropping to $1,557. This represents a 5% decline over the course of a week that has generally seen negative trends in the cryptocurrency market.

ETH last 7 days performance. Source:

The loss of momentum extends further, as Ethereum’s price has fallen by 8% in the last two weeks and 2% over the past 30 days. However, it’s important to note that despite recent setbacks, the market’s top altcoin has still managed to maintain a year-to-date increase of 29.6%.

Ethereum’s situation remains somewhat mixed, but recent overselling may position the asset for a potential rebound in the coming weeks, particularly when considering the fundamental strength of the Ethereum network, and the potential inflow of investors. 

Is the bearish trend set to continue?

Ethereum’s price has been on a downward trajectory for a couple of months, showing significant weakness in its indicators since mid-August, coinciding with a broader market downturn.

The relative strength index (RSI) for ETH, represented by the purple line, has dropped from nearly 70 at the beginning of the month to 35 today. Although there has been a slight uptick in the past few hours, it remains weak, indicating that the token is currently oversold.

A similar situation can be observed with ETH’s 30-day exponential moving average (EMA) in yellow, which continues to slide further below its 200-day average (blue). This emphasizes the presence of substantial selling pressure.

One of the most discouraging signals at present is the decline in the token’s support level, denoted by the green line, over the past few days. This suggests that ETH may struggle to resist further declines in the coming days.

ETH last 2 months performance. Source: TradingView

However, despite the potential for minor drops in the very near future, the fact that ETH has been heavily sold recently makes it likely that traders will eventually seize the opportunity to purchase the token at an attractive discount.

In fact, ETH is currently undervalued relative to its underlying fundamentals, making it a favorable time to invest in the cryptocurrency, which is expected to make a full recovery, particularly given its dominant position in the crypto ecosystem. 

Ethereum maintains a significant share of the Total Value Locked (TVL) in the industry, with its network and major layer-twos like Optimism (OP), Polygon (Matic), Arbitrum (ARB), and Base accounting for approximately 63% of the sector’s total TVL.

Ethereum also continues to evolve and expand, as evidenced by the upcoming launch of the Holesky testnet, a development that will contribute to Ethereum’s progress toward the eventual implementation of Proto-Danksharding, which promises significant improvements in scalability.

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