Ethereum (ETH) Poised for Potential Rise to $3500 Amid Bullish Trends

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The Bottom Line

Ethereum (ETH) could make a significant move in the coming days. The cryptocurrency has strong support just below the $2900 mark. If the current bull trend continues, a rise to $3500 could be imminent. After Ethereum surpassed the psychologically important resistance mark of $3000 on February 25, the price fell back to $2900 in the following days.

Ethereum: Upward Trend Despite Setbacks

On February 25, Ethereum was able to overcome the psychologically important mark of $3000 and closed the trading session that day at $3014. However, in the following days, the price fell back to $2900. The NFT sales on the Ethereum blockchain recently reached their ten-month high. The trading volume amounted to $400 million.

Exit from Exchanges Signals Accumulation

On-chain analysis shows ETH outflows from exchanges worth $2.4 billion in 2024, indicating accumulation of the asset. The breakout from the trading range has not yet subsided. Ethereum showed a trading range in the second half of January that ranged from $2100 to $2600. Two demand zones at $2500 and $2650 were identified on the charts with smaller time frames.

Expected Increase in Ethereum Price

The market structure and momentum on the 3-day chart are firmly bullish. The rising OBV signals a high buying volume. Together, they indicate that the price of Ethereum is expected to continue to rise. The leap over the psychological resistance mark of $3000 is a significant step. It could strengthen the bullish sentiment already present in the market.

Key Resistance and Support Zones

The next higher resistance mark is at $3580, and ETH could aim for this area before a significant correction sets in. The liquidation heatmap shows three key areas of interest. These regions could represent important resistances before a bearish reversal. In terms of support, the area from $2800-$2880 also represents a significant liquidity pocket. A retest of this area would likely trigger a price increase.

Our Assessment

Although Ethereum has experienced a setback in recent days, the long-term outlook remains positive. The strong support just below the $2900 mark and the bullish market sentiment could trigger a rise to $3500. However, investors should keep an eye on the mentioned resistance and support zones and adjust their investment decisions accordingly.

Sources: Akashnath S, Saman Waris, Hyblock.

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Casinos: 45
Profile Ethereum
Symbol ETH
Coin type Alt Coin
Pros
  • Second largest cryptocurrency
  • Accepted in many casinos
  • High transaction speed
Cons
  • Partial bugs in smart contracts
Price 2.998,32 €
Percent Change 24h 0,94 %
Percent Change 7d -1,43 %
Percent Change 30d -5,63 %
Percent Change 60d 6,95 %
Percent Change 1y 71,58 %
Market Cap 361.925.359.527,00 €
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Socials Reddit | X
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Last update: 12. March 2024

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