Ether’s (ETH) price is hovering around the crucial $2,500 level for the past few days, nearing a resistance bubble known as the Fair-Value Gap (FVG). This particular Ethereum price level sits from $2,500 to $2,700: breaking above that is what ETH bulls are seeking for.
$3K Price Tag On Ethereum: Realistic In Near-Term?
Analysts are drawing targets around the $3,000 mark if the largest altcoin bursts that bubble. For now, the higher time-frame resistance remains a trap for the bulls, even though Ethereum has numerously climbed above $2,510 Wednesday to claim intra-day highs.
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To illustrate the plausibility of this, known crypto charter Alex Marzell has put this in a technical perspective: if Ethereum (ETH) closes the week above the $2,700 range, the way to $3,000 is straight-forward. If bulls can establish themselves above that region, $3,500 becomes plausible.
Several other prominent analysts have floated similar theories if Ether’s price secures the $1,500 check-point. For instance, Ali Martinez noted a significant 116K Ether (ETH) coin reduction in supply available to sell, suggesting that Ethereum traders are opting to hold.
Seasoned Traders See Ether’s Bounce-Back Coming
In another recent analysis, market connoisseur Ted Pilows highlighted the small liquidity cluster at $2,600, which could act out as resistance in the near-term. He found strong long-side Ethereum price liquidity around the $1,800 – $2,200 price levels, something that has played out before.
If the confluent resistance can be successfully flipped into long-term support, Ethereum’s (ETH) price is definitely soaking up on the longer-side, judging from the real-time liquidity heatmaps. Right now, traders on Derivatives are also switching towards a bullish stance: the long vs. short ratio is now 1.017.
With balances on crypto exchanges getting scarcer, this could hint at price appreciation coming. However, the sideways market movement this week hints at confluent resistances not giving up easily. Open Interest (OI) stayed the same, while the leveraged volume spiked to $42.30 billion.
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