"Ethereum Could Break Through $3,000… Technical Indicators Suggest Further Upside"
Summary
- Ethereum has risen about 50% over the past month, and technical indicators point to the possibility of further upside.
- Technical analysis, including exceeding the 200-day EMA and the bull flag pattern, suggests there is room for gains toward the $3,000–$3,500 range.
- Since open interest (OI) and retail investor trading volume do not yet show signs of a market top, the uptrend is said to be led by institutions and large investors.
Ethereum (ETH) has surged nearly 50% over the past month, and technical indicators are pointing to further upside, according to recent analysis.
On the 29th, crypto-specialized media outlet NewsBTC reported that CryptoQuant analyst Ibrahim Kosar stated in a recent report, "Currently, Ethereum is forming a typical 'bull flag' pattern, which is a signal for the continuation of an upward trend."
The media explained, "Previously, Ethereum underwent a period of consolidation within the $2,400–$2,700 range over the last three weeks. The fact that it remains consistently above the 200-day exponential moving average (EMA) is also seen as a positive factor. Technically, there is room for the price to rise to the $3,000–$3,500 range."
On-chain indicators point to similar signals. Another CryptoQuant analyst, elcryptotavo, stated, "Currently, Ethereum's open interest (OI) still has not surpassed that of Bitcoin. This means typical market top signals have yet to appear."
He added, "Retail investor trading volume also remains at low levels, indicating that this rally is being led primarily by institutions and large investors."
The report also noted, "If Ethereum recovers the $3,000 level, the market is paying attention to the possibility of a bull run reminiscent of 2020–2021."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
