CandleFocus

Ethereum Surges 14% in Overnight Rally: Is $3,000 Next?

Author: Content Editor
Ethereum Surges 14% in Overnight Rally: Is $3,000 Next?
Bitcoin briefly reached $95,000, leading to a broader market recovery that boosted the altcoin market to $1.24 trillion. Ethereum saw a significant surge to nearly $2,550, challenging the center pivot level and indicating a positive cycle within a falling channel pattern. The price action reveals a bullish reversal from the support level at $2,200, but a pullback of 6.49% has brought the current market value to $2,354. The momentum indicator suggests a potential trend change and the possibility of Ethereum challenging the overhead trendline. The surge in open interest to $20.65 billion has not balanced the bullish and bearish positions, with slightly more bearish positions at play. Liquidations in the past 24 hours reached $182 million, with long liquidations at $96.59 million. Traders anticipate a bullish comeback as the funding rate remains positive. To reinstate a bullish rally, Ethereum must surpass the overhead trendline and break out from the falling channel pattern. The immediate resistance is the $3,000 psychological mark, with an upside potential to reach the $3,800 horizontal level. On the downside, crucial support levels are at $2,200 and $2,000.

Related News