Ethereum is facing bearish pressure, but it might be nearing a crucial moment for a potential upward surge.
An analyst suggests that Ethereum entering the oversold zone could indicate a trend reversal and pave the way for a new rally.
Historical data and previous trends support the expectation of a significant recovery and a move towards new all-time highs, possibly targeting $11,500.
Ethereum's current price action indicates a bearish movement, with key support levels at $2,060 and $1,440 being crucial for its next move.