The latest rebound pulled the Ethereum price above the demand zone above $2,600. Meanwhile, the fresh sell-off is expected to drag the levels back within the range in a short while. In the items when Bitcoin is struggling to rise above $97,000, Solana above $200, Litecoin above $125 and Cardano above $0.8, is Ethereum also primed to test lower ranges as it is also failing to secure $2,800? Or will the ETH price bounce, decoupling with the market trend as the BinanceCoin price did by surpassing $700?
Although the ETH price rally remained consolidated within a narrow range since the start of the month, the growth trajectory is expected to witness a major change soon. The token has been a popular investment option since its inception, and hence, despite multiple rejections, the price is set to maintain a steep ascending trend. Interestingly, the major whale movements have been recorded in recent times, which suggests a potential breakout could be on the horizon.
In a recent update, a whale has bought over $100 million worth of ETH tokens in the past few weeks, which has increased the probability of a bullish breakout.
Prior to this accumulation, 21Shares had filed for a spot ETH ETF and ETH staking is also fast approaching. On the other hand, Trump’s World Liberty Financial has loaded more ETH in the past 24 hours, due to which the traders seem to have become optimistic about the next price action. However, the price has been failing to recover $3000 after multiple bullish attempts, which has depleted the confidence in the token. Therefore, a rise above the range may bring back the trust and here’s when the token may rise above the range.
Ethereum (ETH) Price Analysis
The long-term price action suggests the ETH price is trading under the bullish influence as the ascending trend line, which has been strong support, has been defended well. The current weekly candle seems to be a bullish doji candle with almost equal bullish and bearish pressure. Now that the price attempted to rise above the demand zone between $2568 and $2733 and enter the resistance between $2764 and $2856, a small push could attract notable liquidity.
As seen in the above chart, the ETH price has rebounded from the lower ascending support, and as the technicals have turned bullish, a bullish reversal seems to be on the horizon. The RSI has flipped while the levels of the Ichimoku cloud, which was about to undergo a bearish crossover, are expected to display a bullish reversal, which could push the price higher. Therefore, the Ethereum price is primed for a healthy ascending trend hereafter.
Statistically, February has been one of the best months for Ethereum, as the price has always closed the trade on a bullish note. Hence, the Ethereum (ETH) price rally may reach $3000 once it rises and secures above the local resistance zone.
