Ethereum Price Analysis: Will ETH Break Out of the Range?
The latest rebound in the Ethereum price has pushed it above the demand zone of $2,600. However, a fresh sell-off is expected to bring the levels back within the range in the near future. As Bitcoin struggles to surpass $97,000, Solana above $200, Litecoin above $125, and Cardano above $0.8, many are wondering if Ethereum will follow suit and test lower ranges as it fails to secure $2,800. Or will ETH decouple from the market trend and bounce back, similar to Binance Coin surpassing $700?
Despite remaining within a narrow range since the beginning of the month, the growth trajectory of the ETH price is expected to see a significant change soon. Ethereum has always been a popular investment option, and despite facing multiple rejections, the price is poised to maintain a steep ascending trend. Recent whale movements in the market indicate a potential breakout could be on the horizon.
A whale recently purchased over $100 million worth of ETH tokens in the past few weeks, increasing the likelihood of a bullish breakout. Additionally, 21Shares has filed for a spot ETH ETF, and ETH staking is fast approaching. Trump’s World Liberty Financial has also increased its holdings of ETH in the past 24 hours, leading traders to become more optimistic about the next price action. However, the failure to recover $3,000 after multiple bullish attempts has shaken confidence in the token. A breakthrough above this range could restore trust and potentially propel the token to new heights.
In terms of price analysis, the long-term trend suggests that ETH is trading under bullish influence, with the ascending trend line acting as a strong support. The current weekly candle appears to be a bullish doji candle, indicating equal bullish and bearish pressure. With the price attempting to break into the resistance zone between $2,764 and $2,856, a small push could attract significant liquidity.
Technical indicators also point towards a potential bullish reversal. The RSI has flipped, and the Ichimoku cloud is expected to display a bullish reversal, potentially pushing the price higher. Historically, February has been a strong month for Ethereum, often closing on a bullish note. If ETH can rise and secure above the local resistance zone, the price rally may reach $3,000.
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