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$ETH Rally To Continue From Here?

After taking a dip under $2,400, $ETH price is once again showing major strength, up by 8.83% in the last 24 hours, and currently trading at $2,573 with a market cap of $310 billion. As per the Coinglass data, the Ethereum futures open interest is up 7% to more than $31.24 billion, underscoring a strong bullish sentiment among traders. On the other hand, the 24-hour liquidations have soared to $91.6 million, of which $59.6 million is in short liquidations.

Popular analyst Crypto Patel also highlighted the formation of a “Golden-Cross” pattern on a 12-hour ETH chart. A Golden Cross forms when a short-term moving average crosses above a long-term moving average. As a result, the analyst’s projected ETH price target is currently between $3,800 and $5,000 or higher.

If the $ETH price holds above the crucial resistance of $2,500, the bulls can continue with the ETH price rally to $3,000 and beyond in the near term.