Key Insights:
- Ethereum price prediction for the upcoming days appears to be bullish, as whale and institutional participation have skyrocketed.
- Experts hint that if the ETH price rises above the $2,700 level and stays there, a massive upside rally could be witnessed.
- Over the past month, whales, institutions, and long-term holders have withdrawn over 1 million ETH, indicating a bullish signal for Ethereum holders.
Ethereum (ETH) has garnered significant attention from traders and investors after rallying 50% in recent days. With this surge, ETH has reached a key resistance level and is currently consolidating, raising questions about whether this upside rally will continue or if a price correction is on the horizon.
Current Market Sentiment and Ethereum Price Momentum
At press time, ETH was trading near $2,591, having recorded a price surge of over 2.10% in the past 24 hours.
This is the level where the asset has been consolidating for the past few days and is near a strong resistance area of the $2,700 level. Historically, whenever ETH reaches this level, it faces rejection and downside momentum. The current consolidation near this point is raising concerns that history may repeat itself, potentially triggering another move to the downside.
Looking at the price action and the repetition of historical patterns, participation from traders and investors has plummeted. According to recent data, ETH’s trading volume has dropped by 15% over the past 24 hours.
When linking the decline in trading volume with the rise in price, it appears that the asset’s momentum is weak, indicating that this consolidation is likely to continue over the next few days.
Expert Bullish View and Ethereum Technical Analysis
Besides all this, a prominent crypto expert recently made a post on X (formerly Twitter), noting that nearly 1 million ETH have been withdrawn from exchanges in the past month, a potential reason behind ETH’s 50% upside rally.
Additionally, the expert shared another post noting that ETH is currently trading below the 200-day SMA (Simple Moving Average) on the 3-day chart, indicating that the long-term trend remains bearish.
The post further mentioned that historically, whenever ETH closes a candle above the 200-day SMA on the 3-day chart, it often experiences a massive rally, something that has occurred multiple times in the past.
This time, the price is approaching the 200-day SMA, which is near the $2,700 level. If ETH maintains its upward momentum and holds above this level, it could witness a significant rally. Experts and analysts are closely monitoring this zone and consider it a strong buy signal.
Ethereum Price Prediction
In addition to the expert’s post, the TradingView chart reveals that the Ethereum price prediction for the coming days appears bullish. The daily chart shows that the asset has already broken above the 200-day Exponential Moving Average (EMA) and is now awaiting a consolidation breakout to resume its upward rally.
Based on recent price action and historical patterns, if the ongoing correction ends and ETH breaks out of consolidation with a daily candle close above the $2,750 level, the Ethereum price prediction could turn bullish. There is a strong possibility that ETH could soar another 50% to reach the next resistance around the $4,100 level.
On the other hand, the Ethereum price prediction could turn bearish only if ETH breaks down from the consolidation and falls below the 200-day EMA. If this happens, ETH could see a 10% price drop, potentially reaching the next support level at $2,160.
