Ethereum Price Bounces to $1,796 Amid Double Bottom Pattern

Ethereum's price has bounced back up to around $1,796 after jumping roughly $56.55, or about 3.2%, from the prior session. This bounce is part of a broader risk-on trend that is lifting equities and other cryptocurrencies.

However, this recent action only tells half the story, as Ethereum still sits at a deeply depressed level compared to its all-time high of $4,952 in August 2025. At its current price, ETH is roughly 64% below that record.

The double bottom pattern that has formed near the $1,550 zone is seen by some as a potential reversal signal. A double bottom occurs when an asset tests a support level twice and rebounds, suggesting sellers have been exhausted at that price and buyers are stepping in to defend it. The base has held through multiple tests, and each dip toward the $1,550 zone has been bought rather than broken.

A prominent corporate treasury buyer has been accumulating millions of dollars' worth of ETH precisely as the double bottom formed, adding a layer of institutional conviction to the technical pattern.