- Ethereum’s strong technical setup suggests a high chance of a bullish rally, targeting $3,000 and beyond.
- With open interest hitting $33.12 billion, Ethereum’s bullish trend gains momentum, driven by trader confidence.
- Closing the CME gap near $2,530-2,630 sets Ethereum up for strong support, enabling further price gains.
Ethereum has performed quite strong technically over recent times with main pointers revealing that there is a very high likelihood of a bullish continuation. Recent post by Rose Premium Signals on X reveals that Ethereum might be in for a strong rally if the breakout zone is maintained to be its support zone. This technical set up is opening doors to a potential vertical blast with an objective of $3000 sending ripples across the crypto space.
Ethereum’s price targets are expected to experience major increases. The first large target is $3,063, the second is $3,566. Ethereum may establish new records with the ultimate price target of $ 4,201, which can make it the king of crypto. These price predictions shows an increase in confidence in the future growth of ETH among market analysts.
Source: X
Ethereum’s Bullish Trend
The price action of ETH is under keen observation of the analyst, particularly near critical support levels. If ETH succeeds in doing this, then the uptrend may continue without any hiccup. A bullish retest is expected before the price rises and this further reinforces the case for an upsurge in the price over the coming weeks.
Ethereum has a bullish trend due to an upsurge of activities in the derivatives market. Based on data provided by CoinGlass, the open interest in ETH has grown almost by 17% to a new record high of $33.12 billion. Such an increase in open interest is an indication that traders are betting big on future price gains in the cryptocurrency, which exudes positivity on the future of the cryptocurrency itself.
Source: Coinglass
Short Liquidations Spike
The funding rate for Ethereum has also shot up and presently stands at 0.0088%. This indicates optimistic sentiment sentiments towards ETH with more traders willing to bet on further rally of ETH. Moreover, short liquidations have spiked up as well with $113 million worth of shorts liquidated over the past 24 hours. This increasing bullish mood confirms the possibility of the breakout rally of ETH.
Rekt Capital pointed out that ETH has managed to close the CME Gap for almost $2,530 and ~$2,630. Closing of this gap is viewed as an essential technical level that suggests a possible change of market dynamics. If Ethereum can break above this range then it will create a new base of support, and a strong one at that to allow further increases in price to flourish.
Source: X
With ETH’s price trending upwards, traders are looking at the $3,000 level as the next important level. The bullish momentum of ETH might continue with rising confidence from the traders and analysts. ETH may form a significant relief rally if it manages to hold its support level and objectives are achieved in the next few months.
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