The Ethereum price found support around $2,350 and started a new upward trend. ETH is rising and may break above the $2,600 resistance level.
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Currently, the trading price of ETH is still lower than the historical high set in November 2021, but the pattern suggests a potential bullish trend.
This correlation with the traditional market may indicate that Ethereum has the potential to reach new highs.
As ETH continues this trend, maintaining the S&P500 trend may drive it further upward and potentially lead to a significant breakthrough.
Whether ETH's value can triple and break the $4,800 high now depends on sustained market support and a similar trajectory to the S&P 500 index.
Increasing short positions ahead of a potential rebound
ETH is facing growing short interest as traders bet on its further decline. However, history shows that when these shorts are cleared, Ethereum's price often surges significantly.
The spike in recent liquidations suggests that the price is likely to experience significant volatility.
Once Ethereum gains enough momentum to clear these shorts, its price could rise rapidly, potentially approaching new highs. Traders are closely watching ETH, anticipating a sharp rise once the shorts are cleared.
Whale activity suggests ETH may target new highs
Whales seem to believe that ETH could reach $10,000, as they continue to take profits while also employing dollar-cost averaging (DCA) on their holdings.
Recent on-chain activity shows a whale depositing 5,000 ETH into Binance, netting a $3.22 million profit. A year ago, this whale had withdrawn 5,000 ETH worth $9.02 million.
After a period of dormancy, this whale has decided to redeposit $12.24 million worth of ETH, earning over $3.22 million in profit, highlighting the whale's confidence in Ethereum's future potential.
Ethereum's sustained price trend and its relationship with the S&P 500 index make investors optimistic that ETH can regain its upward trajectory.
As Ethereum continues to progress, many eyes will be on whether it can break through and ultimately reach the $10,000 milestone as projected.
"#Ethereum $ETH has been mimicking the S&P 500, and this may be the last dip before it triples and reaches $10,000!"
The persistent presence of whales, their profit-taking and re-investment, suggest a potential bullish sentiment that could drive up the price of ETH.
Whether Ethereum can achieve these ambitious goals will depend on broader market conditions, the performance of traditional financial markets, and the continued on-chain activity of influential stakeholders.
Ethereum price resumes upward trend
The Ethereum price found support around $2,350 and, like Bitcoin, has started a new upward trend. ETH has been able to break above the $2,420 and $2,450 resistance levels, entering a positive zone.
It has broken above the 50% Fibonacci retracement of the downward move from the $2,583 high to the $2,357 low. Additionally, on the ETH/USD hourly chart, it has broken above a crucial bearish trend line, with resistance at $2,460.
The Ethereum price is currently trading above $2,500 and the 100-hour simple moving average. It is also above the 76.4% Fibonacci retracement of the downward move from the $2,583 high to the $2,357 low.
Looking at the upside, the first major resistance is near $2,620. The current major resistance is around $2,650. If the price clearly breaks above the $2,650 resistance, it could make a further push towards the $2,720 resistance level.
Breaking above the $2,720 resistance could lead to more gains in the coming trading sessions. In such a case, Ether could rise to the $2,750 resistance level.
In summary, Ethereum is currently breaking above the $2,500 resistance area, trading above $2,500 and the 100-hour simple moving average, and has broken above a crucial bearish trend line with resistance at $2,600. If the pair stabilizes above $2,580 and $2,620, it could gain bullish momentum. Although short interest remains present, the upside potential for ETH is still evident.
