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 of $2,500. While taking from this level, the local 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 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.
