The Ethereum price has experienced pressure recently due to a broader market downturn driven by regulatory scrutiny of Tether. However, technical indicators and on-chain data suggest that Ethereum may be ready for a reversal. The TD Sequential indicator has presented a buy signal on the Ethereum 12-hour chart, indicating a potential rebound if the $2,412 support level holds. On-chain data reveals that large transactions on the Ethereum network have reached a 6-week high, with large holders accumulating Ether. Despite the recent decline, bullish views on Ethereum remain, with some analysts predicting a jump to $4,000 in the medium term. The ongoing development of Ethereum's network, including the upcoming 'Purge' upgrade, is also seen as crucial for the network's long-term scalability and attractiveness.



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