As Bitcoin marks recovery to the $92,000 mark, Ethereum crossed the $2300 mark. Currently, it has registered a 2% surge in the past 24 hours, with a 24-hour high at $2320.
Currently, it is trading at $2297, marking its third consecutive positive day. Will this recovery result in an ETH price surge to the $2700 mark? Let’s find out.
Ethereum Surpasses $2,300
In the daily chart, the Ethereum price trend reveals a falling channel pattern. Currently, the ETH price trend marks a significant bullish reversal to bounce back within the falling channel pattern.
This undermines the breakdown of the bearish pattern and kick-starts a new bullish wave. Currently, the lower price rejection from $2150 has completed a morning star pattern with driving the bullish rally.
Marking a follow-through to the bullish trend, Ethereum marks an intraday rise of 2.45% and is trading close to the $2300 mark. With the bullish turnaround, the MACD and signal lines are on the verge of signaling a positive crosswalk.
Hence, the technical indicator will mark a shift in trend nature and increase the chances of a bullish continuation. However, the prevailing downfall has resulted in a negative alignment of the 20-, 50-, 100- and 200-day EMA lines.
The 20-day EMA line comes as the immediate resistance level within the falling channel pattern at $2454. However, the growing stability in the market and improving sentiment tease a potential bull run in Ethereum to challenge the overhead trend line.
Coinciding with the overhead resistance trend line, the 50-day EMA at $2731 comes as the secondary price target.
Analyst Shows Ethereum Whales Exiting
Ali Martinez, a crypto analyst, highlights significant growth on the Ethereum network. The analyst, using the data from Glassnode, reveals the number of addresses holding more than 10,000 ETH has reached 919. This marks a significant downfall in the number of whales from 999 to 919 in the past two weeks.
WLFI Purchases $10M Additional Ethereum
Despite the declining number of whales, Donald Trump’s World Liberty Financial maintains a positive viewpoint on Ethereum. WLFI has recently purchased $21.5 million worth of crypto, including ETH, WBTC, and MOVE.
In its recent purchase, the fund has acquired 4,468 ETH tokens worth $10 million at an average price of $2,238. Furthermore, the fund has acquired WBTC and MOVE tokens worth $10 million and $1.5 million, respectively. Currently, the fund is holding $54 million worth of Ethereum.
ETH Price Targets $2,700
Based on the price action analysis, the bullish cycle within the falling channel pattern is gaining momentum. Furthermore, the increasing interest of the anagrams WLFI in Ethereum and its growing confidence signals a potential bull run.
On the flip side, however, the crucial support for ETH remains near $2150 followed by the $2000 psychological mark.
