According to ChainCatcher, Ethereum has recently rebounded strongly, with multiple technical and on-chain indicators suggesting it may challenge the $2,800 mark in the short term.
ETH trading volume increased on Monday, breaking the previous bearish flag pattern on the daily chart and recovering key moving averages, including the 20-day EMA ($2,072) and the 50-day EMA ($2,210). Technically, the symmetrical triangle pattern suggests that a break above the upper trendline could theoretically lead to a move up to $2,850, corresponding to the 200-day EMA. Meanwhile, the next resistance level is around $2,500, near the 100-day EMA. On-chain data shows that Ethereum's resistance is concentrated in the $2,770–$2,880 range, where over 7.9 million ETH are held long-term. Furthermore, cost basis distribution indicates an accumulation of over 3 million ETH around $2,800, providing a potential path for a short-term price surge to that level. Considering these factors, $2,800 may become a key target for Ethereum's next phase.
