Ethereum Forms Bullish Pattern Near $1.5K, Signaling Potential 20% Rally

Ethereum’s latest selloff is testing the same $1,500 area where bears failed to force a breakdown earlier in June.

As of Friday, Ether (ETH) had dropped about 18.25% from its local high near $1,800, extending its broader downtrend while staying below its 20-day (green), 50-day (red), 100-day (purple) and 200-day (blue) exponential moving averages.

The decline has pulled ETH back to the $1,500 support zone, where buyers already prevented a breakdown earlier this month.

Friday’s candle is showing a similar long lower wick near that level, suggesting sellers failed to hold the price below support. Another defense of $1,500 could set up a rebound toward $1,800.

ETH Eyes $1,800 Rebound in July

A decisive bounce from the $1,500–$1,520 range could send ETH back toward $1,800 in July, its nearest major resistance. That would mark a roughly 15%–20% recovery from current levels.

The $1,800 zone is technically important because it acted as support before the latest breakdown and now serves as the first major upside test. ETH’s 20-day EMA is also nearby, meaning bulls must reclaim that area to confirm short-term momentum.

The daily RSI is hovering near 31, close to oversold territory. That increases the probability of a relief rebound, especially if Ether closes Friday with a long lower wick.

Viewed together, the early-June rebound and the latest $1,500 defense may form a double bottom pattern.

The neckline sits near $1,800. A daily close above that level would confirm the setup and project a measured upside target near $2,100–$2,150, based on the distance between the neckline and the $1,500 bottom.

Failure to hold $1,500, however, would invalidate the bullish setup and expose ETH to fresh downside pressure.

SharpLink Resumes ETH Accumulation Near “Double Bottom” Lows

Adding to the bullish case, gaming company SharpLink appears to have resumed Ether accumulation after an eight-month pause, with on-chain tracker Arkham Intelligence showing a company-linked wallet receiving 5,000 ETH worth about $7.85 million from FalconX.

That suggests the treasury firm may be using the latest drawdown to rebuild exposure near ETH’s lows.

SharpLink’s reported holdings now stand near 876,285 ETH, including 22,102 ETH earned through staking rewards.

However, with an average purchase price near $3,609, the firm remains deep underwater, leaving its renewed buying as a sentiment boost rather than a confirmed trend reversal signal for ETH.