Ethereum price appears to be out of the woods with as star altcoin formed an optimistic outlook. The prevailing chart pattern and on-chain metrics project a 100% upswing if the token flips $3300. The two crucial local resistances $2,900 and $3,300 could become crucial to pass and confirm the upward move.
The altcoin leader is hopeful of bypassing all the overhead barriers. Moreover, the number of addresses holding +1, +0.1, and +0.01 ETH coins have continued to rise to their new ATHs. Hence, along with a resurgence in the on-chain activity, the star crypto is all set for the long-term bull run.
Ethereum Bears In Despair!
ETH price has shown some evidence of solid recovery, holding a $2,700 value area as a critical support zone. Bulls are likely to extend their rally for the next couple of months to bypass the previous ATH. An on-chain metric platform Cryptoquant has revealed that open interest has taken a bullish divergence after a $3 billion OI flush out.
The above chart confirms a solid bullish divergence in OI. Usually, whenever the OI has corrected to its bottoms, it has boosted the price action followed by huge accumulation. The ETH open interest has seen a meteoric rise in OI of more than $3 billion over the past 7 days. Historical footprints suggest that every time OI has shown swift growth, it has uplifted the price by more than $2000.
Hence, as the same is likely to reiterate, we can expect solid gains in the next couple of months, where the ETH price may end up trading at $5k by Q1 2022. Moreover, the funding rates are on the verge to rise above zero, which is again a bullish sign.
Collectively, the Ethereum bears appear to have despaired with massive exchange outflows over the week. Intotheblock reported that a whopping $7.85 billion worth of ETH coins left the exchanges in just seven days. Hence, the bullish move has already resumed for the star altcoin and we can expect a swift move in the next couple of weeks.
Source: https://coinpedia.org/ethereum/eth-price-to-clinch-5000-milestone-by-march/