Is Ethereum preparing to move to $3,800? Analysts predict future bullish phase
Ethereum (ETH) repeatedly mocked the $3,000 shift in the mid-term trading range of $2,000, but only lags behind and retreats to its current range. However, it’s only a matter of time before several crypto analysts are confident that ETH will rise to $3,000 and beyond.
Ethereum shows signs of renewal power
In a recent X post, cryptocurrency cryptocurrency cryptocurrency analyst Titan highlighted the bullish price action of ETH. Analysts shared the following daily ETH chart showing a merged cryptocurrency erupting from bullish flags – with the possibility of turning their eyes toward a $3,800 target.
Analysts, a colleague of cryptocurrency analysts, analyzed Titan’s point of view, saying ETH “has improved well now.” The analyst added in a separate X post:
It looks like a breakthrough is coming and $3K is coming. The fact that it does not perform well #BTC This quarter is a strong signal that the Altcoin season is warming.
Meanwhile, cryptocurrency trader Jelle urged patience. He shares the following chart of recent price movements in ETH, and he stresses that ETH behaves as expected as it continues to challenge key resistance levels. According to Jelle, once ETH reaches $3,000, the “real fun” will begin.
It is worth noting that ETH continues to attract strong institutional interests. Ethereum’s exchange-traded funds (ETFs) had inflows of more than $91 million yesterday, with BlackRock alone accounting for the total of $50.4 million, a clear sign of continued confidence in digital assets.
Experienced analyst Ali Martinez also highlighted the massive accumulation of whales. According to Martinez, wallets holding 100,000 to 1,000,000 ETH acquired more than 1 million ETH in the past 48 hours, a strong signal of long-term bullish sentiment.
A large amount of ETH ETF inflows and whales’ buying signal is rising, institutional confidence and positive accumulation – usually the trend before bullish price action. By reducing available supply in the market, these moves can help boost momentum and price appreciation.
Technical model indicates bullish continuation
From a technical point of view, Ethereum is showing encourage Logo. Merlijn, a cryptocurrency trader for traders, pointed out that ETH that follows the Wyckoff accumulation model seems to be very close.
In this mode, spring involves a false crash below support to shake hands, and then tests are conducted to confirm that sales pressure is weakened. This sets the stage for the jump – strong gatherings are above resistance and marks the beginning of a new uptrend.
According to Merlijn, ETH has completed the spring and testing phases and is now ready to enter the jump Stage – It is possible to set up a stage for mobile Go A new historical peak (ATH).
That said, all eyes are focused on the expected FTX creditor spending later today. Experts warn that massive $5 billion distribution can be temporarily contusion The bullish momentum of ETH increases short-term sales pressure. At press time, ETH was trading at $2,603, down 2.4% in the past 24 hours.
Featured images from Unsplash.com, charts from X and TradingView.com
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