[Is Ethereum (ETH) price poised for a sharp rebound? Can it hit $3,000? 】
Ethereum (ETH) price is up over 4% in the past 24 hours, trading above $2,740 in an attempt to fill the CME gap between $2,737 and $3,030. The current market capitalization is approximately $32.9 billion, with average daily trading volume of approximately $13 billion. Ethereum price is close to regaining support at the weekly 200-day moving average (MA) but faces major resistance at $2,817, requiring more buyer power.
Ethereum’s Fear & Greed Index is around 36%, showing that the market is in a state of fear. The recent cryptocurrency crash has prompted mixed reactions from the market, with some investors anticipating a rebound ahead, while other traders have expressed pessimism. According to data analysis by Lookonchain, Jump Trading has begun to liquidate assets, transferring approximately 17,000 ether coins from Lido to exchanges for selling today, worth more than $46 million.
Meanwhile, BlackRock bought more than $49 million worth of ether on Tuesday through its spot ethereum ETF, ETHA. Technically, Ethereum price could form a bullish ascending triangle against the US Dollar, but still faces significant resistance below $3,000. Nonetheless, Ethereum has started to recover after bouncing back to support around $2,125 last week.
