Ethereum Price Outlook: ETH Poised to Surpass $3700, Pending…
Ethereum’s price target is in focus as the cryptocurrency market continues to show bullish signs. With the Open Interest rising alongside prices and a positive funding rate, Ethereum could potentially surpass $3,600 if the current trend persists.
Despite a bearish market structure on the daily chart, Ethereum is eyeing the next key resistance zone. Recent days have seen sub-par volume, indicating a possible retracement in the upcoming week. Ethereum has managed to climb back above the $3,000 level, with the $3,100 former resistance now acting as support.
The balance between whale deposits and exchange reserves suggests minor recent deposits compared to outflows over the past two months. Additionally, Ethereum’s gas fees have hit lows seen in May, indicating reduced network activity and slower growth.
Volume indicators are mixed following the breakout, with the market structure and momentum leaning bearish on the daily timeframe. The CMF shows notable capital outflow, while the OBV struggles to show an uptrend due to weak buying volume. The daily RSI sits at 45, signaling bearish momentum that may hinder a swift upward move unless more volume enters the market.
The liquidation heatmap points to the $2.7k-$2.8k range as a liquidity pool, with the next target for bulls being the $3.5k-$3.7k cluster. The sentiment remains strongly bullish, with the spot CVD showing signs of recovery. If the current trend holds, Ethereum’s chances of moving towards $3.6k look promising.
It’s important to note that the information presented is the writer’s opinion and does not constitute financial, investment, trading, or other types of advice. The evolving dynamics in the Ethereum market suggest potential for further price movements, with $3,600 as a key target if the current bullish sentiment persists.