The step-by-step, incremental pattern of Ethereum kept the market participants in confusion. While some believed the price to drain back to the lower support zone close to $2500, others rightly judged its strategy to reach $3000 without excessive bearish attention. The latest bearish action can be considered the last nail in the coffin, which may trigger a fine run beyond $3000 in a short while from now.
Ethereum to Hit $3500 While Bitcoin May Reach $60,000
As the ETH price is displaying some momentum with both USDT and BTC pairs, large speculations arise about a prolonged bullish trend. The second-largest token has been trading within the rising parallel channel, aiming to reach the upper resistance at $3089 in a short while from now. This may attract some bearish activity both on ETH & BTC, which may propel the price beyond $3500 & $60,000, respectively, as predicted by a popular analyst, CrediBull Crypto.
The analysts believe in the bullish trajectory of the token as ETH continues to show acute strength. Therefore, regardless of the intermediate bearish actions, he believes in the bullish trajectory, marking new highs.
“My bet is a small dip on ETH and BTC then send ETH to $3500 and BTC to 60K+,”
How Will the Rally to $3500 Materialise?
An open interest count plays a vital role in determining the next course of action for this profound asset. It is a measure of the total value of the outstanding or unsettled future contracts across exchanges. The open interest in Ethereum has surged, has dominated in USD and has headed back to 2021 levels.
The rise in open interest with the price rise is usually considered bullish with a confirmed uptrend. It indicates increased market activity with a significant shift in market sentiments favouring the bulls. Hence, regardless of the prevailing bearish pullbacks, the Ethereum price could mark new highs above $3000 any time from now on.
Source: https://coinpedia.org/price-analysis/ethereum-at-crucial-juncture-whats-stopping-the-eth-price-from-achieving-3000/