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Highlights
- Ethereum price tackles resistance at $2,600 amid push to recoup Monday crash losses.
- Staked ETH increases to 34.12 million, unperturbed by this week’s sell-off to $2,111.
- The IOMAP highlights solid support at $2,300, comprising 50 million ETH volume.
- A correction toward $2,000 support is still in the cards, given the hurdle at $2,500.
Ethereum price has been gaining momentum since Monday’s black swan event, which roped in the entire cryptocurrency market, resulting in massive liquidations and losses. Despite the uptick in ETH price, bulls must prove their strength by breaking above a crucial resistance to keep the trend intact.
Ethereum Price Holds Green As Staked ETH Hit 34.12M
Ethereum price hovered above $2,600 after a sharp rebound from Monday’s low of $2,111. The reversal ticked up to $2676 on Friday, but due to market uncertainty, a correction occurred, pushing ETH price to test support at $2,330.
Traders seem to be waiting for another confirmation before going all in on ETH longs. From a fundamental perspective, Ether flaunts a bullish outlook, especially with on-chain data from IntoTheBock revealing that staked ETH had increased to 33.65 million.
Over 27,000 ETH was deposited into the smart contract during the Monday crash, against approximately 2,600 ETH in withdrawals. Investors continued to exhibit resilience on Tuesday and Wednesday, depositing 31,000 and 46,000 ETH, respectively. An increased staking balance implies holders have a long-term positive outlook for Ethereum’s price.
Ether sits on top of a robust support nestled between $2,268 and $2,345. Approximately 2 million addresses purchased 50 million ETH in this range. This cohort of holders is unlikely to sell, increasing the uptrend’s viability toward $3,000. At the same time, the massive volume reduces the chances of another crash, aiming for sub-$2,000.
ETH Price Bullish Comeback Targets $3,000
Ethereum price is on the cusp of retesting $2,600 resistance after a brief retreat to collect liquidity at $2,330 support. Several indicators including the Moving Average Convergence Divergence (MACD) signal a bullish outcome.
Based on this Ethereum price forecast, breaching the $2,600 mark resistance will drastically increase the chances of Ether breaking out toward $3,000. In addition to support at $2,330, the 20-day Exponential Moving Average (EMA) provides short-term reinforcement at $2,505.
Traders should be alert on how Ethereum reacts to resistance at $2,600 and subsequently at $2,800 level close to the 50% Fibonacci retracement. Climbing above these zones successfully will boost the chances of ETH price rallying above $3,000.
Although Ethereum price looks bullish and has the potential to rally above $3,000, it is important for traders to prepare for all scenarios, including the possibility of a correction toward $2,000 in the event resistance at $2,600 and $2,800 does not budge. Increasing open interest while volume decreases will be the earliest sign of exhaustion, prompting a cautious approach.
Frequently Asked Questions (FAQs)
1. Will Ethereum price sustain recovery to $3,000?
2. Is the increase in Ether staking balance a positive signal?
3. Will Ethereum drop to $2,000 again?
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