Ethereum price currently trades around $2,380, showing recovery after breaking key resistance levels. Analysts predict potential gains towards $3,000 and $4,000.
Breakthrough at $1,860 Resistance
Ethereum recently surpassed the $1,860 resistance level, where 4.54 million wallets hold 5.58 million ETH. This breakout indicates significant market sentiment changes.
Support from Bullish Divergence and On-Chain Data
Analysts noted a bullish divergence in the price chart, indicating potential recovery. On-chain data shows a 2.65% increase in open interest for ETH, demonstrating trader interest.
Derivatives Market Signals Strong Bullish Sentiment
The derivatives market reflects strong bullish momentum for Ethereum. The long/short ratio on Binance stands at 2.1486, hinting at traders' confidence in further price growth.
Given the current technical indicators and bullish trends, Ethereum is poised for potential growth, with prices likely reaching $3,000 and $4,000 in the coming months.
