Ethereum price is rallying to $ 2,800, which is the next major significant resistance level. The price of Ethereum has risen by 30 percent from a low of $ 2,160 just a week ago.
Ethereum Price Targets $ 3k
In the last five days, ETH has closed in the green, reaching the significant resistance level of $ 2,805. (20-day moving average line). Price is currently stabilizing somewhat below this critical level, in preparation for a new attempt to break above if the bullish sentiment persists.
If successful, ETH would be well on its way to reaching $ 3,000 in no time. On the other hand, the $ 2,550 support level held up well after yesterday’s heart test (confirmed as support).
ETH/USD to retest $3k. Source: TradingView
Given that the indicators have become bullish, ETH is well positioned to break through the significant resistance level of $ 2,800. ETH currently has a bullish bias. The critical resistance levels of $ 2800 and $ 3,000 will define the price movement for the rest of the week, so investors should keep an eye on it.
@tradinghub, a cryptocurrency trader, tweeted an ETH chart, suggests that another downward movement is likely to complete the correction.
Since the height in May 2021, the trend seems to be in the form of an ABC-correcting structure. It has a perfect 1: 1 ratio between waves A and C, which is common in such corrections. In addition, the whole movement is contained in an ascending parallel channel, which means that the bottom is reached.
Buyers, however, must be patient until the outbreak is verified by a successful resistance test of the resistance as support.
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Wallets Holding Over 0.1 ETH Rise
The number of addresses on the Ethereum blockchain with a balance of more than 0.1 ETH just reached a very high level, according to Glassnode analytics. This number has now risen to almost 6.823 million.
ETH addresses with 0.1+ coins balance. Source: Glassnode
In recent years, the Ethereum network has grown at a breakneck pace. The growth of decentralized financial segments was largely responsible for this. Originally based on the Ethereum blockchain, DeFi and non-fungible NFT coins.
Ethereum’s mining hash rate has recently exceeded 1.1 PH / s, setting a new all-time high. This occurs when the network gets closer to adopting a proof-of-stake method.
In the last two years, however, it has not been all good news for Ethereum. For many users, gas fees have become a major problem because they are unable to pay to carry out transactions that result in hundreds of dollars in fines.
With the ETH 2.0 version, Ethereum switches to PoS, though developers are considering changing the name. This is to avoid confusion among new users, with the ‘consensus layer’ being the replacement name being considered. It is expected that with a new update underway, more users will be hoping for the blockchain.
Related article | TA: Ethereum holds strong at $ 2.5K: Indicators show fresh increase
Featured image from Pixabay, chart from TradingView.com and Glassnode