With Bitcoin aiming towards $107,000 breakout, Ethereum is witnessing a surge in bullish momentum. The biggest altcoin in the cryptocurrency market has surged by over 2.5% on Monday, starting a bullish week.
Ethereum Price Targets $3,000 as Bullish Momentum surges
At the time of writing, Ethereum trades at $2,611, ready to form a morning star pattern. The morning star pattern is a trend reversal from near-crucial support. This marks the end to the previous week’s pullback, aiming to challenge the 50% Fibonacci level at $2,699.
Supporting the bullish chances, the MACD and signal lines are on the verge of providing a bullish crossover after a failed attempt earlier last week. As the bearish histograms decline in the MACD indicator, the trend reversal chances are significantly increased.
Further up, the daily RSI line forms a U-shaped reversal from the halfway level, signaling a comeback in bullish momentum. Amid the growing buying pressure, the 50% Fibonacci level breakout could reach the $3,000 psychological level, that aligns with the 61.8% Fibonacci level.
On the flip side, the crucial support remains the 38.2% Fibonacci level at $2,400.
Ethereum Derivatives Signal Strong Bullish Anticipations
Amid the short-term reversal, the CoinGlass data shows a surge of optimism in ETH derivatives. The open interest has bounced off by 3.58% in the past 24 hours, reaching $36.20 billion.
Similarly, the OI-weighted funding rate has surged by 0.0071%, signaling a boost in buying activity. Notably, the past 24 hours, the signal has witnessed a massive wipeout of bearish-aligned traders, reaching $35.33 billion in short liquidations.
On the other hand, the long liquidations are limited to $17.11 million, keeping the long-to-short ratio at 1.0421. Hence, bullish dominance in ETH derivatives data showcases the increased anticipation of an extended rally and the biggest altcoin.
