Key Points
- Ethereum (ETH) may soon hit $3,000 due to increased investor interest and a bullish trend.
- ETH’s Open Interest has risen by 5.5%, indicating a higher level of trading activity.
Ethereum (ETH) may soon reach $3,000, according to recent market trends. This prediction is based on a 5.5% increase in ETH’s Open Interest, indicating a surge in investor interest.
Crypto Market Momentum
On August 14, the overall cryptocurrency market experienced a significant upswing. This was largely due to a 4.5% price surge in Bitcoin (BTC). In the midst of this upward trend, Ethereum (ETH), the world’s second-largest cryptocurrency, saw a significant price surge and breakout.
Ethereum’s Bullish Trend
Expert technical analysis suggests that Ethereum looks bullish. This is due to a recent breakout of an ascending triangle price action pattern in a 4-hour timeframe. However, this breakout occurred near a strong support level of a rising trendline. Historically, whenever ETH has reached this trendline, it has experienced a significant rally. Given the current bullish sentiment, it is highly likely that Ethereum could reach $3,000 soon. If this momentum continues, Ethereum could potentially hit the $3,200 mark.
At the time of writing, Ethereum was trading below the 200 Exponential Moving Average (EMA) in a 4-hour timeframe. Following the breakout, ETH’s Open Interest increased by 5.5% in the last 24 hours. This indicates increased interest from both investors and traders. At the time of writing, Ethereum was trading near the $2,750 level, experiencing a price surge of over 4.5% during this period.
However, its trading volume decreased by 24%, indicating lower participation from traders and investors. Major liquidation levels were at $2,670 on the lower side and $2,760 on the upper side, according to on-chain analytic firm Coinglass.
If the bullish sentiment continues and the price rises to the $2,760 level, nearly $34.75 million of short positions will be liquidated. Conversely, if sentiment shifts and the Ethereum price falls to the $2,670 level, nearly $430 million of long positions will be liquidated.
