Ethereum

bullish

Bitcoin

Momentum

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) may soon hit $3,000 due to increased investor interest and a bullish trend.</li> 
 <li>ETH’s Open Interest has risen by 5.5%, indicating a higher level of trading activity.</li> 
</ul> 
<p> Ethereum (ETH) may soon reach $3,000, according to recent market trends. This prediction is based on a 5.5% increase in ETH’s Open Interest, indicating a surge in investor interest.</p> 
<h2 id="crypto-market-momentum">Crypto Market Momentum</h2> 
<p>On August 14, the overall cryptocurrency market experienced a significant upswing. This was largely due to a 4.5% price surge in Bitcoin (BTC). In the midst of this upward trend, Ethereum (ETH), the world’s second-largest cryptocurrency, saw a significant price surge and breakout.</p> 
<h2 id="ethereum-s-bullish-trend">Ethereum’s Bullish Trend</h2> 
<p>Expert technical analysis suggests that Ethereum looks bullish. This is due to a recent breakout of an ascending triangle price action pattern in a 4-hour timeframe. However, this breakout occurred near a strong support level of a rising trendline. Historically, whenever ETH has reached this trendline, it has experienced a significant rally. Given the current bullish sentiment, it is highly likely that Ethereum could reach $3,000 soon. If this momentum continues, Ethereum could potentially hit the $3,200 mark.</p> 
<p>At the time of writing, Ethereum was trading below the 200 Exponential Moving Average (EMA) in a 4-hour timeframe. Following the breakout, ETH’s Open Interest increased by 5.5% in the last 24 hours. This indicates increased interest from both investors and traders. At the time of writing, Ethereum was trading near the $2,750 level, experiencing a price surge of over 4.5% during this period.</p> 
<p>However, its trading volume decreased by 24%, indicating lower participation from traders and investors. Major liquidation levels were at $2,670 on the lower side and $2,760 on the upper side, according to on-chain analytic firm Coinglass.</p> 
<p>If the bullish sentiment continues and the price rises to the $2,760 level, nearly $34.75 million of short positions will be liquidated. Conversely, if sentiment shifts and the Ethereum price falls to the $2,670 level, nearly $430 million of long positions will be liquidated.</p>

Ethereum Poised to Reach $3K Subject to One Pivotal Factor!

Table of Contents

CoinEagle.com

Other articles published on Aug 14, 2024

Brazil poised to launch world’s first spot Solana ETF ahead of global markets

ASX sued over prior statements about its now-abandoned blockchain project

New GSMA report highlights Nigeria’s potential to lead in AI-driven development across Africa

Cardano’s user base experiences a lack of growth in the past year

Bitcoin Hashrate Drops 8% After Market Decline

iAgent Protocol Unveils Revolutionary Human-Trained AI-Agent from Visual Data

Join our free newsletter for daily crypto updates!