Ethereum Sees Signs of Major Rebound Amid Institutional Demand

Ethereum's price has dropped over 60% from its peak but is showing signs of a potential major rebound, according to Pluang. The cryptocurrency is currently trading near $1,870 within a falling wedge pattern, which often signals a bullish reversal if broken upward.

Institutional demand is returning, highlighted by $230 million inflows into US spot Ethereum ETFs in August and continued accumulation by BitMine Immersion Technologies, which recently added over 35,000 ETH. A breakout above $2,300, $2,500 could lead to a 70% rally toward $3,300.

However, Ethereum must first reclaim key resistance levels around $1,930, $2,000 to confirm the recovery. If it succeeds in breaking through these levels, Ethereum may enter a strong uptrend and surpass its previous highs.