Matrixport: Ethereum tests key support again, price movement enters observation period

ChainCatcher message, Matrixport released a chart stating that Ethereum has rebounded after stabilizing at the upper edge of a multi-year ascending triangle. This round of movement has entered a critical observation period, and it still needs to be verified whether it is another false breakout or the start of a new upward trend.

Looking back at previous false breakouts, the downward momentum was relatively limited, and prices quickly rebounded afterward. The current trend also shows similar characteristics, and investors should pay attention to the possibility of a rapid recovery in the new round. Overall, the technical rebound structure still leans towards being positive. However, some buying may stem from performance adjustments at the end of the month or early positioning for the seasonal market in October.