Analysis: Ethereum's next target price may be $2,800, with short-term upside potential emerging
Odaily reported that Ethereum has recently shown strong rebound momentum, with multiple technical and on-chain indicators suggesting it may soon challenge the $2,800 level in the short term. On Monday, ETH trading volume increased, breaking the previous bearish pennant pattern on the daily chart and reclaiming key moving averages, including the 20-day EMA ($2,072) and the 50-day EMA ($2,210). Technically, the symmetrical triangle pattern indicates that if the price breaks above the upper boundary, the theoretical upside could reach $2,850, corresponding to the 200-day EMA. Meanwhile, the next resistance is near the 100-day EMA at $2,500. On-chain data shows that Ethereum faces concentrated resistance in the $2,770–$2,880 range, where more than 7.9 million ETH are held by long-term holders. Additionally, the cost basis distribution reveals an accumulation of over 3 million ETH near $2,800, providing a potential path for the price to reach this level in the short term. Considering multiple factors, $2,800 could become a key target for Ethereum in the next phase. (Cointelegraph)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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