Bulls Eye $3000 As Next Target As ETH Charts 14% Weekly Gains

Ethereum has recently seen increased demand near the crucial $2.1K support zone, leading to a major bullish pullback. The price has now recovered the average threshold of the multi-month descending channel, suggesting the potential for further gains towards the upper limit near $3,000.

By Shayan

The daily chart

On the daily chart, Ethereum experienced more buying pressure near the critical support region around the lower trendline of the multi-month descending channel, which aligns with the 2.1K support zone dollars

This resurgence in demand triggered a bullish reversal, pushing the price above a critical resistance area that includes the average channel boundary at $2,530 and $2,500. Retrieving this zone indicates a potential shift in market sentiment to the upside, albeit temporarily.

However, Ethereum is approaching a crucial barrier of around $2.8 thousand, where sellers will likely increase. Price action at this level will be critical in determining Ethereum’s medium-term direction. A successful breakout could signal a continuation of the uptrend, while failure to clear this resistance could lead to renewed selling pressure.

Source: TradingView The 4-hour chart

On the 4-hour chart, Ethereum saw a strong rise from the $2.1 thousand support zone, corresponding to the lower limit of the flag pattern.

This bullish momentum took the price towards the critical resistance range between the 0.5 ($2.6K) and 0.618 ($2.8K) Fibonacci levels. Short-term action suggests that the bearish momentum has subsided, with buyers now trying to push the price above the $2.8K resistance.

The $2.8 thousand level has been a strong barrier for the bulls in recent months, full of supply and selling pressure. However, Ethereum could see a breakout if momentum persists, prompting a short squeeze and further gains.

On the other hand, a rejection of this crucial resistance may result in continued sideways consolidation within the flag pattern, maintaining near-term uncertainty.

Source: TradingView

By Shayan

As the price of Ethereum continues to form higher highs and lows, approaching the $2.8K level, insights from the Binance Liquidation Heatmap provide valuable context for this move. The ETH/USDT heatmap highlights important pools of liquidity often led by larger market participants or so-called “smart money”.

According to the heat map, the $2.8 thousand level contains the highest concentration of liquidity near the current price of Ethereum. Liquidity tends to act as a price magnet, pulling the market towards these groups. As a result, this area has become a key short-term target for Ethereum.

Given this dynamic, it is highly likely that a bullish continuation towards the $2.8K level will be driven by the market’s tendency to gravitate towards areas of high liquidity. This makes the $2.8K price range a critical area to monitor, as a possible break above this level could signal a continuation of Ethereum’s current uptrend.

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