The cryptocurrency market is showing signs of recovery, with Ethereum leading the charge while Avalanche examines potential rebounds.
Ethereum's Recovery in the Market
Ethereum (ETH) continues to gain momentum, rising over 56% in the past month and nearing the $2500 mark. This upward movement positively influences investor sentiment and other major altcoins.
Technical Analysis of Avalanche
Avalanche (AVAX) has recorded gains of over 19% this month, reducing its annual losses to 35%. On the daily chart, AVAX has formed a classic inverse head and shoulders pattern, hinting at a potential trend reversal. The current price level around $22.86 is viewed as a crucial support that may facilitate further growth.
Outlook for Avalanche
The crucial area for AVAX is the range between $22 and $23. Holding above this level would likely confirm the strength of the breakout and maintain the bullish structure. If support holds, the next target price near $32 represents a potential gain of 40%.
The current situation with Avalanche and its retest of a key support zone keeps traders interested. If support is defended, it could lead to significant upward movement, especially if broader market sentiment improves.
