Opinion: Ethereum price may be about to reverse, targeting $3,600

As reported by CryptoPotato, technical analysis by analyst TradingRage shows that Ethereum price has been correcting in the past few weeks, which is the case since the decisive pullback from the $4,000 resistance level in March. However, the market may be about to undergo a U-shaped reversal. On the daily chart, price has been forming a large descending channel pattern since the correction began. The lower boundary of the channel has been tested recently and is pushing ETH upwards. The market is also holding steady above the $3,000 support, with investors hoping for a push towards the $3,600 resistance zone in the near term. However, as long as the channel remains intact, no further bullish continuation can be expected. The 4-hour chart provides further clarity on the recent price action. It is clear that the $3,000 support level prevents the price from falling further and the market is forming a bottom. Currently, the cryptocurrency is moving towards the midline of the descending channel, and a breakout will pave the way for the price to attack the $3,600 resistance again. The RSI is showing a value above 50%, which also indicates that bullish momentum will prevail in the coming days.