Ethereum Price Analysis: Double Bottom Formation and Whale Activity
Ethereum (ETH) has been on a downward trajectory in recent weeks, but some analysts believe a rebound may be in sight.
Potential for a Bullish Reversal
Crypto analyst Mags, on X (formerly Twitter), suggests a possible **double bottom formation** for ETH. A double bottom is a bullish reversal pattern that indicates a potential upward trend. If ETH follows this pattern, it could break free from its prolonged downward trend and start a rally.
Positive Fundamentals
Despite the price decline, some of ETH’s underlying fundamentals are showing positive signs.
- **Whale transactions** are recovering after a drop earlier in August, suggesting large investors may be positioning for a potential price recovery.
- **Active addresses** have also started to increase, indicating growing user activity on the Ethereum network.
While the potential for a rebound is promising, it’s important to stay cautious as ETH approaches these key price levels.
**Learn more about Ethereum:** [Ethereum Website](https://ethereum.org/)
