Ethereum (ETH), the second-largest cryptocurrency by market cap, is showing signs of massive upside potential as a well-known crypto expert suggests a buy signal for the altcoin. On February 11, 2025, the expert took to X (previously Twitter) to share their bullish outlook on ETH, pointing out that the TD Sequential indicator has flashed a buy signal on both daily and weekly time frames.
Technical analysis further supports this positive sentiment, with ETH recently breaking out of a symmetrical triangle pattern on the four-hour time frame. If ETH can maintain its position above the breakout area, there is a strong possibility that it could see a 10% surge, potentially reaching the $3,000 level in the near future.
This shift in sentiment comes as the overall cryptocurrency market experiences upward momentum, drawing increased attention from traders and investors alike.
On-chain metrics also paint a bullish picture for Ether. According to Coinglass, ETH open interest has increased by 6.50%, indicating growing participation and the establishment of new positions. Data from Coinglass also suggests that intraday traders are heavily favoring long positions at the moment.
At current levels, major liquidation points are set at around $2,620 on the lower end and $2,725 on the upper end. Traders are seen to be over-leveraged at these levels. If market sentiment remains positive and the price climbs to $2,725, approximately $100 million worth of short positions could be liquidated. Conversely, a shift in sentiment leading to a drop to $2,620 could result in the liquidation of nearly $570 million worth of long positions.
This data indicates that traders are heavily skewed towards long positions, holding over five times the value in long positions compared to short positions.
As of now, Ethereum is trading near the $2,685 level, marking a 4% increase in the past 24 hours. Trading volume has also risen by 5%, suggesting a moderate increase in participation from traders and investors compared to the previous day.
Overall, with a positive technical outlook, strong on-chain metrics, and increased trading activity, Ethereum appears to be on track for significant upside potential in the near term. Investors and traders are advised to closely monitor the price action and market sentiment for potential trading opportunities.