Ethereum Price Prediction

According to expert technical analysis, ETH looks bullish and is poised for a decent rally in the coming days. Following the breakout of the descending trendline on a four-hour time frame, ETH is currently retesting its breakout level of $2,320 level. Additionally, there is a hurdle near $2,400, if ETH closes a four-hour candle above that level, there is a high possibility it could soar to the $2,570 and $2,800 level.

As of now, ETH’s Relative Strength Index (RSI) is there in oversold territory, indicating a potential trend reversal from a downtrend to an uptrend.

Bullish On-chain Metrics

This bullish outlook is further supported by on-chain metrics. Coinglass’s ETH Long/Short ratio currently stands at 1.067 in a four-hour time frame, indicating bullish market sentiment. However, 51.84% of top ETH traders are holding long positions, while 48.16% are holding short positions.

Currently, this data suggests that bulls are dominating the assets and have the potential to liquidate short positions.$ETH