According to CryptoPotato, Ethereum's price has experienced a significant surge, reclaiming the 100 and 200-day moving averages. This price movement suggests a potential rally, with buyers targeting a new yearly high in the mid-term.

A detailed analysis of Ethereum’s daily chart reveals that increased buying pressure near the $3,000 support region initiated a bullish spike. This surge allowed Ethereum to surpass the 100-day ($3,340) and 200-day ($3,152) moving averages. Additionally, ETH has reclaimed the significant resistance region of $3,500, a crucial barrier for buyers in recent months. This price action indicates a strong buyer presence in the market, aiming for a new yearly high. However, Ethereum has formed a sideways wedge pattern over recent months. It is expected to continue its upswing after a short-term period of market consolidation, aiming to breach the wedge’s upper boundary at $3,700. Successfully surpassing this level could lead to a new yearly high above $4,000.

On the 4-hour chart, an increase in bullish momentum led to an impulsive surge, breaking the multi-month descending trendline. This impulsive move also saw the price reclaim the significant $3,300 resistance region, previously filled with supply. This development reflects strong buyer interest in the market, aiming for higher levels in the long run. However, Ethereum reached its prior major swing high in the 4-hour timeframe, resulting in sideways consolidation. This swing serves as a robust resistance level, and breaking above it could pave the way for another impulsive surge toward the key $3,700 resistance zone. The ongoing consolidation phase is a positive sign for the market, confirming the recent breakout above the trendline and completing a pullback to it. If the price surpasses its prior central pivot of $3,524, the continuation of the bullish movement will become imminent.

While Ethereum’s price has experienced a bullish reversal, a closer examination is essential to determine if the bullish trend will persist. The chart highlights the Taker Buy/Sell Ratio, a crucial metric for evaluating futures market sentiment. Values above 1 indicate aggressive buying by bulls, while values below 1 suggest bearish selling pressure. As depicted in the chart, the Taker Buy/Sell Ratio surged above 1, simultaneously with the bullish revival in Ethereum’s price. This surge indicates strong buying interest in the perpetual market, suggesting a notable bullish sentiment. If this upward trend in the Taker Buy/Sell Ratio continues, it confirms a potential mid-term bullish trend in the market, with the price likely rallying toward higher values.