Ethereum (ETH) is in a remarkable phase with positive breakout signs in both technical aspects and on-chain data. Below are the main highlights and predictions for ETH price:
ETH Technical Analysis:
1. Breakout from significant resistance:
• ETH has surpassed the resistance level near $3,550, signaling the potential for continued price increase.
• If it holds above $3,580, ETH could reach $4,000 (up 14%) in the coming days.
2. Support from technical indicators:
• EMA 200: ETH is trading above the 200-day exponential moving average, a sign of a long-term uptrend.
• RSI: The RSI index has not yet exceeded 70, indicating that the market still has room for growth before becoming overbought.
On-chain data:
1. Open Interest:
• ETH's open interest has increased by 15% in the past 24 hours, reaching a record $23.56 billion. This indicates strong interest from traders.
• Open Interest reflects trust and active participation, but must also be closely monitored to avoid risks from overloading positions.
2. Decreased trading volume:
• Despite the price increase, trading volume has decreased by 9% in the past 24 hours, which may reflect caution from some investors.
ETH Price Prediction:
• Positive scenario: If ETH maintains above $3,580 and market sentiment remains optimistic, it could reach $4,000 in the short term. If it breaks this level, the price may continue to rise further due to technical momentum and optimistic sentiment.
• Risk: If the price turns down below the support level of $3,550, ETH may enter a period of accumulation or slight decline before regaining momentum.
Advice for investors:
• Short term: Swing trading opportunities may be attractive if ETH maintains above the new resistance level.
• Long term: Must monitor fundamental factors and on-chain data while managing risks if the market experiences significant volatility.