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Ethereum price eyes 35% rally after 6,000 ETH gets burned in one week

Ethereum’s native token, Ether (ETH), looks ready to undergo a massive rally due to a mix of technical and fundamental factors.

From a technical perspective, ETH’s price now eyes a 35% rebound by the end of October after holding testing a key support level. This level is a rising trendline that has capped Ether’s downside attempts since June 2022, as shown below.

weekly price chart. Source: TradingView
Ethereum supply since Merge. Source: Ultrasound.Money
Ethereum burn leaderboard. Source: Ultrasound.Money
ETH/USD and daily correlation coefficient. Source: TradingView
ETH/USD weekly price chart featuring ascending triangle breakdown. Source: TradingView