Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Following ETH’s Recent Explosion Above $3K, This is the Next Important Target (Ethereum Price Analysis)

Following ETH’s Recent Explosion Above $3K, This is the Next Important Target (Ethereum Price Analysis)

CryptopotatoCryptopotato2024/02/26 16:13
By:CryptoVizArtMore posts by this author

Ethereum has recently experienced a notable upswing, surging past key resistance levels, including the $2.8K mark, and breaching the significant psychological barrier of $3K.

This upward movement suggests a prevailing bullish sentiment in the market, with investors eyeing the crucial yearly swing high of $3.6K as the next target.

Technical Analysis

By Shayan

The Daily Chart

A closer look at the daily chart reveals Ethereum’s impressive rally following a bounce off the 100-day moving average, confirming its strength as it reclaims the $2.8K resistance zone. The recent price action indicates a strong bullish sentiment, with expectations mounting for Ethereum to reach a new all-time high (ATH) in 2024.

Despite the optimism, there’s a cautious note regarding a potential expanded bearish divergence between the price and the RSI indicator.

This suggests a likelihood of short to mid-term correction or consolidation before Ethereum makes its next significant move. For now, the price range between $2.8K and $3.6K is likely to contain Ethereum’s movements until a breakout occurs.

The 4-Hour Chart

Examining the 4-hour chart, a compelling bullish reversal can be witnessed near the multi-month ascending trendline, propelling Ethereum to its highest level since April 2022.

This surge, coupled with a successful pullback above the crucial prior swing high, indicates strong buying interest with the aim of propelling Ethereum toward the significant resistance region of $3.6K. Nevertheless, considering the recent price action and the market sentiment, the prevailing bullish trend seems more likely to remain sustainable.

However, despite the noteworthy bullish momentum, periodic downward corrections are expected amid the prevailing trend. Key support levels to watch include:

  • The $2.8K region
  • The $2.5K region
  • The $2.1K region
  • The dynamic ascending trendline

While short to mid-term corrections may introduce volatility, the overall outlook remains optimistic, with Ethereum poised for further gains.

Sentiment Analysis

By Shayan

Ethereum has seen a robust uptrend in recent weeks, fueling optimism among investors who anticipate a retest of its all-time high. This chart illustrates Ethereum’s funding rates, reflecting the aggressiveness of market orders executed by buyers and sellers. Positive values signal bullish sentiment, while negative values suggest bearish expectations among futures traders.

Following a consolidation correction in price action accompanied by a decline in funding rates, both metrics have surged notably. This trend, if sustained, indicates a prolonged bullish trajectory for Ethereum.

However, while rising funding rates align with the bullish market, excessively high values can pose challenges. Elevated rates increase the likelihood of long liquidation cascades, potentially leading to sharp price declines. Thus, careful monitoring of funding rates is crucial amidst Ethereum’s bullish momentum.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04