With Bitcoin balancing its price trend near the $96,000 mark, Ethereum is gradually picking up pace. With an intraday recovery of 1.97%, Ethereum has bounced back above the $2,700 level.
Currently, the ETH token trades at a market price of $2,715, creating a bullish engulfing candle to undermine the weekend pullback. As the bounce-off in Ethereum price gains momentum, is the $3,000 milestone the next stop?
Ethereum Price Trend: Reversal in Motion?
In the daily chart, the Ethereum price trend showcases an intense pullback rally in motion. This started with the double-top reversal at the $4,000 psychological mark.
Starting a domino effect of a lower-high trend, the Ethereum price dropped to a crucial psychological support of $2,500. While taking support from this level, the local support trendline also helped Ethereum bounce back.
As the Ethereum price trend stabilizes, the technical indicators are also hinting at the possibility of a trend reversal.
Technical Indicators Support Ethereum’s Bullish Case
Currently, the MACD and signal lines have given a positive crossover, resulting in a surge of bullish histograms. Furthermore, the daily RSI line has taken a bullish reversal from the oversold boundary line.
Thus, the technical indicators signal a boost in bullish momentum. Based on the Fibonacci levels, Ethereum price is sustaining dominance near the 23.60% Fibonacci level, priced at $2,644.
With the intraday recovery, the bounce back in Ethereum is likely to test the 38.20% broken Fibonacci level at $2,904.
Ethereum Price Targets: Where is ETH Headed?
The short-term analysis hints at an upside potential of nearly 7%. If Ethereum manages to assert dominance at this crucial level, the uptrend is likely to hit the 61.80% level at $3,324.
On the flip side, closing under $2,524 will nullify any short-term chances of a bullish recovery. In contrast, this will increase the downside risk of Ethereum retesting $2,224.
Whale Accumulation Hints at a Bullish Breakout
Increasing the chances of a bullish comeback, a recent tweet from CryptoRover reveals a rising surge in demand for Ethereum among crypto whales. Based on ETH balance by holder value, whale holdings of 10,000 to 100,000 ETH have seen a parabolic rise in 2024 and 2025.
Nearing 18 million ETH, the confidence of crypto whales has significantly increased, hinting at a potential bull rally. If this accumulation trend continues, Ethereum could witness a renewed uptrend, pushing prices to new highs.
