Ethereum is the biggest altcoin in the crypto market, holds a market cap of $335 billion. Sustaining above $2,700, Ethereum has surged over 5% so far this week. As the uptrend continues to surge, the Ethereum price is likely to clink in the $3,000 mark.
Ethereum Eyes $3k After Bullish Flag
In the daily chart, the Ethereum price is showing a bullish breakout of 50% Fibonacci level near $2,700. This marks the bullish breakout of a flag pattern formed by the early bull run and the consolidation range between the 38.20% Fibonacci level and the 50% Fibonacci level, with prices at $2,395 and $2,699, respectively.
Supporting the bullish chances, the MACD and Signal lines have given a positive crossover, signaling a trend gain. Similarly, the bullish crossover in the 50- and 100-day EMA lines gave a positive crossover, increasing the possibility of a golden cross between the 50- and 200-day EMA lines.
Despite the stronger bullish sentiments, Ethereum is down by nearly 1.76%, due to intraday pullback, reflecting a minor breather phase. As the broader market witnesses a surge in discontentment, a potential positive test reversal from the 50% Fibonacci level could target the $3,000 psychological mark aligning with the 61.8% Fibonacci level.
On the flip side, a potential closing below the 50% Fibonacci level could extend the correction towards the 200-day EMA at $2,470.
Ethereum Derivatives
Over the past 24 hours, the increased optimism in Ethereum, alongside due to a price surge, has fueled the Ethereum open interest by 2.15%, reaching $41.54 billion.
Additionally, the Coinglass data showcases the over-weighted funding rate rising to 0.0084%, suggesting an increase in bullish trading activity in Ethereum derivatives.
However, the long-to-short ratio over the past 24 hours remains under the threshold at 1, reflecting a marginally greater number of short positions at hand.
On the other hand, the liquidation data reflects positions cardano at a crossroads, as long liquidations stand at 46.68%, while short liquidations are limited at 41.60%.
Despite the close numbers, short liquidations highlight the $5 million difference And that’s a greater number of bullish or lanky dose, that you will find in the future.
