Ethereum (ETH) Price Prediction: ETH Poised for a Notable Upside Rally, Could Jump by 12% to Hit $2800-web3.0-php.cn

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Ethereum (ETH) Price Prediction: ETH Poised for a Notable Upside Rally, Could Jump by 12% to Hit $2800

Linda Hamilton

Oct 29, 2024 am 09:18 AM

ethereum Bull Run Exchanges $3.5 Billion ETH

Ethereum (ETH), the world's second-largest cryptocurrency by market cap appears bullish and is poised for a notable upside rally due to its bullish price action and favorable on-chain metrics.

Ethereum (ETH) Price Prediction: ETH Poised for a Notable Upside Rally, Could Jump by 12% to Hit 00

World’s second-largest cryptocurrency by market cap, Ethereum (ETH), seems bullish and is up for a good rally due to its bullish price action and positive on-chain metrics. Moreover, a significant amount of ETH has been moved out of exchanges by whales and investors over the past week.

Ethereum Exchange Reserves Falling

On-chain analytics firm CryptoQuant reports that Ethereum’s exchange reserves have dropped from $42 billion to nearly $38.5 billion, indicating a decrease of approximately $3.5 billion. This significant decline in the exchange reserve may indicate potential accumulation or acquisitions by whales or investors.

Moreover, the decrease in exchange reserves has occurred near a strong support area, where ETH is currently trading.

Ethereum Technical Analysis and Upcoming Levels

According to technical analysis, ETH appears bullish and is moving within a bullish channel pattern, forming higher high and higher low. Currently, ETH is at the lower boundary of the pattern, forming a higher low.

If we go by the historical data and price correction, there is a good chance that the asset may jump by 12% to reach the resistance level of $2,800 in the coming days. This level not only acts as resistance but also aligns with the 200-day Exponential Moving Average (EMA) and the upper boundary of the bullish pattern.

This bullish thesis will only hold if ETH manages to stay above the $2,400 level, otherwise, it may get invalidated.

Bullish On-Chain Metrics

ETH’s bullish outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, ETH’s long/short ratio currently stands at 1.36 over the past four hours, indicating strong bullish sentiment among traders. During the same period, 57.76% of top traders opened long positions, while 42.24% opened short positions.

ETH’s open interest has increased by 4.9% over the past 24 hours and 3.1% over the past four hours. This rising open interest indicates growing trader interest in the asset, leading to the formation of new positions.

Looking at the bullish on-chain metrics together with the technical analysis, it seems that the bulls are currently strong on the asset and may continue to support it in the upcoming rally.

Current Price Momentum

At press time, ETH is trading around the $2,520 level and has seen an upside rally of 1.20% over the past 24 hours. During the same period, its trading volume has increased by 90%, indicating high participation from traders and investors in the potential upside rally.

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