Ethereum (ETH) recently surged past the crucial $2,600 demand zone, raising optimism for a sustained bullish rally. However, fresh market sell-offs are threatening to drag the price back within the lower range. As Bitcoin (BTC) struggles to reclaim $97,000, Solana (SOL) aims for $200, Litecoin (LTC) eyes $125, and Cardano (ADA) attempts to surpass $0.80, the key question remains—will Ethereum follow suit and test lower ranges, or will it decouple from the market trend like Binance Coin (BNB), which recently crossed $700?
Ethereum’s Price Action and Market Sentiment
Despite ETH consolidating within a narrow range for most of the month, significant developments hint at an imminent breakout. Ethereum’s status as a preferred investment option keeps traders engaged, with whale activity pointing toward a potential bullish surge.
Notably, a whale has accumulated over $100 million worth of ETH in the past few weeks, suggesting growing confidence in an upward trend. This follows 21Shares’ filing for a spot ETH ETF, while Ethereum staking continues to gain momentum. Adding to the bullish sentiment, Donald Trump’s World Liberty Financial reportedly acquired more ETH within the past 24 hours, signaling institutional interest. However, despite multiple bullish attempts, ETH has struggled to reclaim $3,000, dampening market confidence.
Ethereum (ETH) Price Analysis
From a technical standpoint, Ethereum remains under a bullish influence, with its ascending trendline serving as strong support. The current weekly candle exhibits a bullish doji pattern, reflecting equal bullish and bearish pressure. The price recently rebounded from the lower ascending support, positioning itself between the demand zone of $2,568–$2,733 and the resistance zone of $2,764–$2,856. A minor push could trigger notable liquidity inflows, strengthening the bullish outlook.
Technical indicators also favor a potential reversal. The RSI has flipped bullish, and the Ichimoku cloud, which was nearing a bearish crossover, now suggests a bullish reversal. Historically, February has been a strong month for ETH, often closing on a bullish note. Should Ethereum secure levels above its local resistance, a breakout toward $3,000 appears imminent.
Also Read: Ethereum Whales Accumulate 600K ETH – Is a Massive Price Surge Incoming?
While Ethereum faces resistance at $3,000, strong technical indicators and market sentiment suggest a continued upward trajectory. If ETH can decisively break past resistance, traders could witness a fresh rally, pushing the price higher in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
