Ethereum's Double Bottom Pattern Sparks Reversal Amid Institutional Growth
The Ethereum price today is fluctuating as it continues to recover from its drop in early February. The asset reached a low of $1,750 but has since stabilized and made multiple attempts to retest the $2,390 level. Despite these upward efforts, Ethereum was unable to break through this key resistance.
However, a recovery began in July, with the price forming a double bottom pattern and hovering near its neckline around $1,800 to $2,000. This pattern stemmed from a swing low that formed a hammer candle formation, which also aligned with a high-volume anchored profile level.
In August, the price consolidated but eventually spiked, broke above the 200-day EMA band, and flipped $2,390. This indicates that the double bottom pattern succeeded, signaling that sufficient demand has sparked a reversal. ETH is now trying to sustain above $2,390 in September; if successful, then higher levels like $2,878 can be tested.
On the other hand, if the asset struggles around $2,390 and support fails, then ETH may collapse back toward $2,000 or drop even lower during Q3. The Ethereum ecosystem has been making significant strides in recent months, with major institutions such as Revolut and Neuberger Berman launching new products on the network.
The total market cap of tokenized RWAs surged to a historic high of $43.5 billion, anchored firmly by Ethereum's 52.5% sector market share. This milestone caps a massive year of institutional expansion for the network, which alone captured an additional $7.2 billion in RWA allocations over the past 12 months.