Ethereum ETH Traders See More Reasons To Be Bullish On Its Price Right Now

• Ethereum rebounds to $2,608 after sharp drop, forming a strong V-shaped recovery
• Price remains range-bound between $2,447 support and $2,630 resistance
• Traders eye breakout above $2,630 as momentum builds despite low trading volume

Ethereum (ETH) is gaining new attention from traders, with several recent market moves fueling a more bullish outlook despite some earlier choppy price action. At the time of writing, ETH traded at $2,608.76, up 2.63% on the day, according to CoinMarketCap data. 

This climb followed a dip below $2,450 during the previous trading session, and the nature of this recovery is one key reason for the growing optimism.

ETH’s V-Shaped Recovery Above $2,600: A Key Bullish Signal for Traders

The rebound began as a V-shaped reversal, starting late on May 20. This quick turnaround raised ETH’s price by over $180 in under 24 hours. Such a sharp recovery off a low often signals to traders that buying interest remains strong at certain levels.

While the surge showed strength in reclaiming prices, it’s worth noting that trading volume for Ethereum actually declined by nearly 20% to $21.86 billion during this period…

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