Ethereum (ETH) is currently traded at $2,540.50 with a market capitalization of $308.30 billion. The latest analysis shows that ETH has a significant upside potential if it manages to break through certain resistance.
*Bullish Factor:*
- *Bullish Divergence*: The Chaikin Money Flow (CMF) indicator shows an uptrend, creating a bullish divergence that can indicate a potential trend reversal and price increase.
- *Funding Level Change*: ETH's funding level has turned positive, reflecting a more optimistic market sentiment.
- *Increased Buying Pressure*: ETH reserves on the exchange continue to decrease, indicating increased buying pressure ¹ ².
*Bearish Factor:*
- *Strong Resistance*: ETH faces strong resistance around the $2,750 and $3,500 levels.
- *Decline Risk*: If ETH fails to break through the resistance, the risk of further decline will increase.
- *Bearish Sentiment*: Taker buy/sell ratio shows the dominance of selling sentiment in the derivatives market ³ 4.
*Price Prediction:*
- *Short Term*: ETH has the potential to reach $3,294 if the demand increases and the breakout above the channel decreases.
- *Long Term*: ETH has the potential to reach $4,500 if the key demand level persists and the buying pressure remains strong ¹ ².
However, keep in mind that the crypto market is very volatile and risky. Investors should remain cautious and monitor key support and resistance levels before making investment decisions.