$ETHUSD Eyes Potential Bullish Bounce from Key Support
ETHUSD is on the verge of a major move. The price has reached a key support level that has historically triggered strong buying interest. This zone has acted as a demand area multiple times, increasing the likelihood of a bullish reaction if buyers step in once again.
The market structure suggests that a confirmed bounce from this level could ignite a significant recovery. If bulls hold the support, the first upside target is $2,400, which represents a logical target for this setup. However, a sustained breakout beyond $2,400 could mark the beginning of a stronger rally, fueled by renewed buying momentum and increasing volume.
Given the prolonged bearish move leading into this setup, a retracement here could turn into a larger trend shift. However, a clean breakdown below support would invalidate this bullish bias and open the door for further downside.
If this rally takes off, we could see ETHUSD reclaiming higher levels in the coming weeks.
