Ethereum’s native token, Ether (ETH), could rebound nearly 9% toward $2,760 in the coming sessions as a developing double-bottom pattern signals weakening selling pressure.
ETH was trading near $2,529 on Oct. 13, recovering from an intraday selloff that briefly pushed its price toward the $2,400 support region.
The first bottom formed around Oct. 8, when ETH fell toward $2,400 before recovering toward $2,578. The second developed on Oct. 13, following another sharp selloff that tested the same support region.
Both declines attracted buyers near $2,400–$2,410, suggesting that demand remains concentrated around this zone.
The pattern’s neckline sits near $2,578, a resistance level that also closely aligns with Ether’s 100-period exponential moving average (100-4H EMA) at $2,589.
A decisive four-hour close above this resistance cluster would strengthen the bullish reversal case.
The double-bottom’s measured target, calculated by adding the pattern’s approximately $180 height to its neckline, stands near $2,760, representing roughly 10% upside from current levels.
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See all Ethereum forecastsETH Must Reclaim Key Moving Averages
Despite the emerging bullish structure, Ether continues trading below its 20-, 50-, 100-, and 200-period exponential moving averages (EMA) on the four-hour chart.
Its 200-4H EMA near $2,565 presents an immediate hurdle, followed by the neckline resistance around $2,578–$2,590.
Meanwhile, the four-hour relative strength index (RSI) has recovered toward 50 after briefly falling into oversold territory, suggesting that bearish momentum is easing.
Failure to reclaim the moving-average cluster could trigger another retest of $2,400. A sustained breakdown below that support would invalidate the bullish setup and expose Ether to further losses toward $2,380–$2,340.
Chip Stock Selloff, Inflation Risks Threaten ETH Recovery
Ethereum faces broader market headwinds as a semiconductor selloff raises concerns about investors’ risk appetite.
South Korea’s Kospi plunged approximately 5.5% on Oct. 13, with chipmakers SK Hynix and Samsung Electronics falling 10.1% and 7.4%, respectively. Taiwan’s TSMC also declined roughly 2%.
The declines reflect growing concerns about excessive AI spending and rising competition from Chinese chipmakers, potentially triggering a broader risk-off move that could pressure cryptocurrencies.
Meanwhile, Brent crude remained above $104, while the US 10-year Treasury yield hovered near 5.19%.
A hotter-than-expected US inflation report on Oct. 14 could reinforce hawkish Federal Reserve expectations, weighing further on ETH.
These pressures could prevent Ethereum from breaking above $2,590 and trigger another decline toward $2,400.
