While the price of Bitcoin [BTC] has remained relatively dormant over the past few days, Ethereum [ETH] has gained upward momentum. In fact, the price of the king of altcoins has surpassed a critical level that could allow ETH to push its price to new highs in the coming days.
Ethereum Hits $3,200?
While BTC’s price action has been sideways, ETH’s value has surged by more than 7% over the past seven days, according to CoinMarketCap. As of this writing, ETH is trading at $2,546.38 with a market cap of over $306 billion.
Meanwhile, ETH’s price broke out of a bullish pennant pattern. First, a technical trading pattern known as a bullish pennant signals that a massive price increase is imminent.
An analysis published by a cryptocurrency influencer suggests that there is a high chance that ETH will touch $3,200 as its value is above the bull market pattern.
The following are suggestions for indicators
Therefore, to check if a breakout from the bullish pattern is enough for ETH to hit $3,000, AMBCrypto took a closer look at its indicators. Our analysis shows that buying pressure is increasing for the coin.
This can be seen from the fact that the ETH supply on the exchange chart is lower than the supply outside the exchange chart, which means that investors are accumulating more ETH.
Despite the increase in buying pressure, the decline in the number of whale transactions over the past seven days is still surprising.
Then check out Ethereum’s derivatives indicators to see what they suggest.
Data from Coinglass shows that open interest has increased as prices have increased. Whenever open interest increases, the chances of a trend continuation increase.
Hence, it suggests that there are high chances for ETH to sustain its upward momentum, making it possible for ETH to touch $3,000.
When we look at Ethereum’s daily chart, more bullish indicators are revealed. For example, the MACD shows a clear bullish advantage in the market.
Read Ethereum [ETH] Price Prediction 2024-25
Its Chaikin Money Flow (CMF) also saw a sharp rise, indicating that ETH’s price could rise further.
However, the decline in the relative strength index (RSI) looks worrisome. This could limit ETH’s price from touching $3,000 in the near term.
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