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Ether trading volume has skyrocketed by 65%, indicating higher participation from traders and investors.
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There is a strong possibility that $ETH could reach the $2,900 level and even higher.
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$ETH has recently broken out of the consolidation zone and is now heading toward the $2,900 level.
Ethereum ($ETH), the world’s second-biggest cryptocurrency by market cap appears to be super bullish and could hit the $3,000 level soon. Despite the majority of top cryptocurrencies, including Bitcoin (BTC), Solana (SOL), and many others struggling to gain momentum, $ETH has gained more than 4% of its value.
Ethereum Price Momentum
At press time, $ETH is trading near the $2,680 level and has experienced a price surge of over 4.25% in the past 24 hours. During the same period, its trading volume has skyrocketed by 65%, indicating higher participation from traders, potentially due to the ongoing price momentum.
Ethereum Technical Analysis and Upcoming Levels
According to expert technical analysis, $ETH appears bullish and is now heading toward the $3,000 resistance level. After breaking the descending trendline, the sentiment has completely changed, and $ETH has surged more than 15%.
However, in the past two days, $ETH was in a consolidation phase between the $2,530 and $2,600 levels. On September 23, 2024, it broke out of that zone and has been experiencing an upside rally.
Based on the historical price momentum, there is a strong possibility that the $ETH price could reach the $2,900 level and even higher if the sentiment remains positive. As of now, it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend.
$ETH’s Bullish On-chain Metrics
This bullish outlook is further supported by on-chain metrics that indicate market sentiment. According to the on-chain analytic firm Coinglass, $ETH’s Long/short ratio currently stands at 1.033, indicating bullish market sentiment.
Additionally, its future open interest has increased by 4.8% in the past 24 hours and has been steadily rising since September 9, 2024.
This rising future open interest suggests that bulls are building more long positions. Currently, 50.82% of top traders hold long positions, while 49.18% hold short positions.