Ethereum (ETH), the world’s second largest cryptocurrency through market capitalization, is ready for a huge upward rally because the bullish price action has formed on the daily period. Despite the recent decrease in the cryptocurrency market in the last few days, the price action suggests that the sentiment is ready to shift from a downward trend to an upward trend.
Ethereum (ETH) Technical analysis and upcoming level
According to the technical analysis of experts, Ether is broken from a bullish -falling wig pattern that it has been forming since November 2024. After the outbreak, the sentiment seems to have completely shifted.
Based on the historical price momentum, if ETH successfully closes a daily candle above the pattern, $ 3,400 level, it is possible to rise by 20% to reach the $ 4,100 level in the future. Ether is currently confronted with a modest resistance at $ 3,400, which could play an important role in future profit.
On the positive side, the relative strength index (RSI) is 55, which indicates that ETH has sufficient strength to maintain upward impulse.
On-chain statistics mixed sentiment
Despite the outbreak and recent profits in the midst of the uncertainty of the market, holders of long-term and investors reportedly dumped their assets, according to on-chain analysis company Coinglass. Data from Spot -Inflow/outflow shows that exchanges have seen a significant influx of $ 103 million to Ethereum.
In the cryptocurrency industry, the inflow to the flow of assets from portfolios to exchanges, which indicates a possible sale, which can cause sales pressure and further price decrease.
However, not only have holders shown strength in the long term, but traders also gamble strongly on the long side, which indicates a bullish prospect.
At the time of the press, the most important liquidation areas are $ 3,305 at the bottom, where bulls are used too much and have $ 360 million in long positions. Conversely, $ 3,370 is the level where Short Sellers seem too much livered, with $ 190 million in short positions.
These statistics on the chains show that bulls can actively dominate it strongly and can support Ether in breaking the resistance level of $ 3,400.
Current price momentum
ETH is currently being traded near $ 3,350 and has experienced a price increase of more than 1.50% in the last 24 hours. During the same period, however, the trade volume jumped by 10%, which points to increased participation of traders and investors, possibly driven by the recent outbreak.