Ethereum's Q3 2024 Surge: A 50% Bull Run on the Horizon

Support and Recovery: Ethereum reversed from the crucial $2,850 support, indicating a potential new bull cycle.
Price Jump: ETH saw a 4.87% price increase in the last 48 hours, supported by Bitcoin holding above $56,000.
Market Sentiment: $52 million in short-side liquidations suggests weakening bearish control over ETH.
Market Cap: Ethereum's market cap is $368 billion, making it the second-largest crypto.
Current Price: ETH trades at $3,063, with a 1.42% intraday gain after a 2.99% overnight jump.
Double Top Formation: The weekly chart shows a failed double top formation with a neckline at $2,844.
Fibonacci Level: The neckline aligns with the 50% Fibonacci retracement level.
RSI Indicator: Weekly RSI below the halfway line, but reverse divergence hints at an uptrend.
MACD Indicator: Negative crossover in the MACD lines fuels bearish histograms but suggests potential reversal.
ETF Catalyst: Anticipated Ethereum ETF listing could significantly boost ETH prices.