Despite a recent 95% decrease in data transaction costs ("blobs"), which raises some concerns about its future, Ethereum may be on the verge of experiencing a trend reversal. Operators and technical analysts have identified the formation of a chart pattern known as "inverted head and shoulders" (H&S), a figure that historically indicates a reversal in market direction.
This reversal scheme, which develops after a period of price stabilization or consolidation, suggests that the cryptocurrency may be preparing for a significant rally.
For this optimistic outlook to materialize, Ethereum needs to break through a key resistance line, known as the "neckline." As seen in the chart, this barrier is often represented in yellow. A clear and sustained break of this level could trigger a wave of buying, driven by increasing buying or bullish pressure.
If this breakout is confirmed, Ethereum will face several resistance levels. The first major obstacle is around $2,160, followed by the $2,858 zone, a point that has historically been marked by strong selling or bearish pressure. If Ethereum manages to surpass these thresholds, it could rise towards $3,360, a value that corresponds to a previous significant peak.