Ethereum (ETH) Price Prediction: ETH Poised for a Notable Upside Rally, Targets $2,800

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

World’s second-largest cryptocurrency by market cap, Ethereum (ETH), appears bullish and up for a good rally due to its bullish price action and positive on-chain metrics. Moreover, a large sum of ETH has been moved by whales and investors off exchanges in the past week.

Fall Of Ethereum Exchange Reserves

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

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

Ethereum Technical Analysis And Upcoming Levels

Technical analysis shows that 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.

From the historical data and price correction, there is a good possibility that the asset may jump up by 12% to reach the resistance level of $2,800 in the upcoming trading session. In fact, this level serves not only 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 remain above the $2,400 level, otherwise, it may fail.

Bullish On-Chain Metrics

ETH’s positive outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, ETH’s long/short ratio is currently 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 suggests growing trader interest in the asset, leading to the formation of new positions.

Examining bullish on-chain metrics with technical analysis, it appears that 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 near the $2,520 level and has experienced an upside rally of 1.20% over the past 24 hours. During the same period, its trading volume has jumped by 90%, indicating heightened participation from traders and investors amid a potential upside rally.

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