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Ether rebounded above the $1,780 mark amid increasing buying pressure.

Analysts believe that ETH could experience a more significant recovery as part of Wave 2, although the overall trend remains bearish.

Technical indicators point to an uptrend, but Ethereums next move may depend on a key resistance level.

Ethereum is gaining momentum after several weeks of heavy selling, giving traders new hope that July will bring a stronger recovery.

The second-largest cryptocurrency rose over the weekend as buyers returned to the market, helping ETH recoup some of its recent losses. Although the long-term trend does not yet look entirely convincing, short-term sentiment has clearly improved.

At the time of writing, Ethereum is trading around $1,786.41, up 3.19% over the past 24 hours. Daily trading volume has risen to approximately $15.08 billion, and market capitalization stands at around $215.30 billion, indicating renewed interest from both traders and investors.

A crypto analyst at More Crypto Online believes that Ethereum is approaching one of its first major technical barriers.

In an analysis published on July 4, the expert stated that, although the medium- and long-term outlook remains bearish, ETH could set the stage for a significant Wave 2 rally in July before the uptrend resumes. , “detected_source_language “: “EN

Such a scenario is not uncommon. Markets often exhibit sharp rebounds after prolonged declines, even if the overall trend has not yet fully reversed.

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Right now, the focus is on resistance levels. If Ethereum manages to break above these key price points, market confidence could rise rapidly, potentially attracting additional buyers.

If not the recovery could lose momentum just as quickly.

Ethereums recent price action is supported by improving technical signals, not just the price itself. LINE_BREAK One of the clearest signs is the Bollinger Bands. ETH has risen above the middle band, which is currently around $1,676, indicating that buyers have regained short-term control.

The next key level is at the upper Bollinger Bandaround the $1,836.77 mark. This is where traders may begin to take profits, making this zone a key resistance level to watch in the coming sessions.

Meanwhile, the lower Bollinger Band remains near $1,515, underscoring just how strongly Ethereum has already rebounded from its recent lows.

Momentum indicators are also turning more positive.

The MACD (Moving Average Convergence/Divergence) indicator has moved into bullish territory after the MACD line rose above the signal line. At the same time, the histogram continues to rise, indicating that upward momentum is building rather than weakening.

Taken together, these indicators suggest that buyers currently have the upper hand, at least in the short term.

Will Ethereum be able to extend its rally?

The next few trading sessions could prove particularly important for Ethereum.

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