Ethereum (ETH), the second-largest cryptocurrency by market cap, is showing strong bullish momentum and could soon reach the $3,000 level. While other top cryptocurrencies like Bitcoin (BTC) and Solana (SOL) are struggling to gain traction, ETH has seen a gain of over 4% in its value.
As of the latest data, ETH is trading around $2,680 and has surged by more than 4.25% in the past 24 hours. The trading volume has also increased by 65%, indicating a higher level of participation from traders who are capitalizing on the current price momentum.
Technical analysis experts believe that ETH is on a bullish trajectory and is poised to break through the $3,000 resistance level. After breaking a descending trendline, ETH has seen a significant surge of over 15%. In the past two days, ETH was consolidating between $2,530 and $2,600 levels before breaking out and starting an upward rally.
Looking ahead, there is a strong likelihood that ETH could reach $2,900 and beyond if the positive sentiment continues. However, it is currently trading below the 200 Exponential Moving Average (EMA) on a daily timeframe, signaling a downtrend.
On-chain metrics further support the bullish outlook for ETH. According to Coinglass, ETH’s Long/short ratio is at 1.033, indicating a bullish market sentiment. Additionally, the future open interest has increased by 4.8% in the past 24 hours and has been steadily rising since September 9, 2024.
This increase in future open interest suggests that more bulls are entering long positions. Currently, 50.82% of top traders hold long positions, while 49.18% hold short positions. Overall, the positive technical analysis and on-chain metrics point towards a potential price surge for Ethereum in the near future.