Ethereum Roars Back: Morningstar Candlestick Hints at Bullish Revival

After months of sideways action, Ethereum's chart just printed a textbook Morningstar pattern—the kind that makes traders dump their lattes and reach for the buy button. Here's why the smart money's paying attention.

The Setup: A Three-Act Reversal Play

That ominous downtrend? Broken. The Morningstar—a bullish reversal candlestick formation—typically signals exhaustion of selling pressure. When it appears after a sustained drop (like ETH's 20% Q2 slump), even Wall Street chartists take notice.

Volume Tells the Real Story

True reversals need conviction. On June 5th, ETH transactions spiked 40% above its 30-day average—with institutional wallets absorbing sell orders like a blockchain sponge. Meanwhile, DeFi TVL quietly crept back above $50B for the first time since the March pullback.

The Cynic's Corner

Of course, this could just be another 'dead cat bounce' fueled by that old market narcotic: hopium. But with staking yields holding steady at 3.8% and the SEC's lawsuit fog lifting? Even the suits might have to admit—Ethereum's not going gently into that good night.

Ethereum Eyes $3,300 As Morningstar Candle Pattern Forms

In an X post, Crypto Bullet predicted that ethereum could rally to $3,300 as a Morningstar Candle pattern forms for the largest altcoin by market cap. This came as he highlighted the bullish monthly close for ETH and alluded to the monthly chart printing this bullish pattern. With this, the analyst expects a significant rally from Ethereum. 

Crypto Bullet noted that Ethereum is now facing tough resistance, but he believes that the $2,500 resistance will be broken. The analyst added that his next target is $3,300. Meanwhile, crypto analyst Ash Crypto also provided a bullish analysis for ETH, in which he declared that the Wyckoff accumulation was still in play. 

He remarked that the first major level to reclaim is $3,100, which will be followed by a small correction. Following that, Ash Crypto is confident that ETH will then surge to $4,000, which will initiate an explosive rally. The analyst affirmed that $10,000 is programmed for ETH in this cycle. 

As NewsBTC reported, crypto analyst Crypto GEM recently predicted that Ethereum could rally to $8,000 by next year. Crypto analyst Titan of Crypto also highlighted $5,000, $7,000, and $8,500 as the targets for ETH’s market structure. 

Meanwhile, just like Ash Crypto, crypto analyst Mikybull Crypto is also confident that the altcoin can reach as high as $10,000 in this market cycle. He highlighted a similarity between Ethereum’s current price action and that of the 2017 market cycle. 

Ongoing V-Shape Recovery For ETH

In an X post, crypto analyst Titan of Crypto highlighted an ongoing V-shape recovery for Ethereum. He noted that ETH has kicked off a sharp reversal, forming a classic V-shape structure on the weekly chart. His accompanying chart showed that ETH could rally to as high as $7,600 on this run-up. 

Crypto analyst Mikybull Crypto stated that Ethereum is flirting with a breakout. The analyst further noted that the Relative Strength Index (RSI) is already breaking out. His accompanying chart showed that ETH could rally to as high as $3,600 on this breakout. He also declared that the fifth time of ETH’s MOVE to the MA20 will be a thrust through. The altcoin is expected to break the $2,600 resistance on this move. 

At the time of writing, the ethereum price is trading at around $2,450, down almost 6% in the last 24 hours, according to data from CoinMarketCap.