Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
ETH Soars 12% Weekly as Bulls Start Looking at $3K (Ethereum Price Analysis)

ETH Soars 12% Weekly as Bulls Start Looking at $3K (Ethereum Price Analysis)

CryptopotatoCryptopotato2024/02/13 17:49
By:George GeorgievMore posts by this author

Ethereum’s price has been rallying aggressively over the past few days. Yet, the market is approaching a strong resistance level that could determine the mid-term fate of ETH.

Technical Analysis

By TradingRage

The Daily Chart

On the daily chart, the price has been rallying since a rebound from the $2,200 zone. The $2,400 resistance level has also been broken with ease.

Currently, ETH is climbing toward the $2,700 resistance level and the higher boundary of the large ascending channel. However, the Relative Strength Index has also been rising, entering the overbought region. This might trigger a possible pullback or reversal as the price reaches the $2,700 resistance level.

The 4-Hour Chart

Looking at the 4-hour chart, the recent rally becomes much more clear. The price is approaching the $2,700 resistance level almost vertically.

This highly bullish momentum is also supported by the Relative Strength Index, which is above the 70% level. Yet, with the RSI being oversold on the daily and the 4-hour charts, the probability of a correction after testing the $2,700 level is significant.

Sentiment Analysis

By TradingRage

Ethereum Funding Rates

Ethereum’s price has been increasing rapidly over the past few weeks. Investors are becoming optimistic once again, expecting the market to make a new all-time high in the coming months. Yet, to gain an insight into potential short-term price developments, it would be beneficial to evaluate futures market sentiment.

This chart presents the Ethereum funding rates. They indicate whether the buyers or the sellers are executing their orders more aggressively on aggregate. Positive values show bullish sentiment, while negative values imply aggregate pessimism by futures traders.

As the chart shows, the price drop a few weeks ago has decreased the funding rates. However, they are once again rising as the price rallies. While being a positive signal, high funding rates are also worrying, as they point to the increased probability of a long-liquidation cascade and, consequently, sudden price drops.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Key global market data will be released this week, including the U.S. non-farm payroll report, CPI inflation data, and the Bank of Japan's interest rate decision, all of which will significantly impact market liquidity. Bitcoin prices are fluctuating due to macroeconomic factors, while institutions such as Coinbase and HashKey are striving to break through via innovation and public listings. Summary generated by Mars AI This summary was generated by the Mars AI model. Its accuracy and completeness are still being iteratively improved.

MarsBit2025/12/15 05:05
This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

The Federal Reserve is cutting interest rates and starting bond purchases, while Japan and other regions may turn to rate hikes. Silver repeatedly hits record highs, SpaceX is set for a 1.5 trillion IPO, and Oracle becomes the litmus test for the AI bubble. The Russia-Ukraine peace process is stuck on territorial issues, the US seizes a Venezuelan oil tanker... What exciting market events did you miss this week?

Jin102025/12/15 03:34
Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

Key Highlights to Watch at Solana Breakpoint 2025

How does Solana seize market share in an increasingly competitive landscape?

Chaincatcher2025/12/15 03:33
Key Highlights to Watch at Solana Breakpoint 2025
© 2025 Bitget