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Key Insights
- Ethereum price prediction turns toward $2,800 after ETH breaks above an ascending triangle.
- The Cryptomist says Ethereum’s next move depends partly on how high Bitcoin climbs.
- ETH liquidations reached $261.74 million, with shorts accounting for $216.64 million.
Ethereum price prediction has shifted toward $2,800 after ETH price broke above $2,500 and extended its 24-hour advance. Ethereum trades near $2,606.08, up roughly 6.8% during the period.
The move followed a recovery from $2,433.27 and pushed ETH as high as $2,647.68. Meanwhile, analysts The Cryptomist and Ted Pillows are tracking separate technical structures supporting the latest move.
ETH briefly approached $2,650 before pulling back toward $2,600. Consequently, the $2,640–$2,650 area now forms the nearest resistance zone. Meanwhile, $2,500 becomes an important level following the latest breakout.
Ethereum Price Prediction Eyes $2,800 Breakout
On the technical end, the Cryptomist points to an ascending triangle breakout on Ethereum’s four-hour chart. Before the breakout, ETH repeatedly faced resistance around $2,520–$2,530.
At the same time, rising lows formed the lower boundary of the structure. Ethereum eventually cleared the upper resistance and reached roughly $2,623 on the analyst’s chart.
According to The Cryptomist, the Ethereum price prediction now places $2,800 in focus if the breakout holds. Former resistance around $2,520–$2,530 could become support during any pullback.
However, the analyst also links ETH’s potential advance to Bitcoin. The Cryptomist expects Ethereum’s upside to depend partly on how far Bitcoin extends its move.
From the chart level near $2,619, a move to $2,800 requires an additional gain of roughly 7%. The analyst also expects altcoins to follow if the broader move develops.
Ted Pillows Tracks $2,400 as Key ETH Support
Meanwhile, Ted Pillows focuses on Ethereum’s weekly structure after its recent recovery from $2,400. ETH previously dropped to around $2,405.85 before buyers quickly pushed the price higher.
Pillows identifies $2,400 as the level keeping buyers in control. Ethereum also trades above its 50-week EMA near $2,380.70, adding another support area below current prices.
Before the latest surge, ETH crypto faced resistance around $2,510–$2,547. That zone included the 50-week SMA and the resistance level marked on Pillows’ chart.
Ethereum has now moved above those levels during its latest advance. However, the weekly structure still depends on maintaining the recovery above nearby support.
On the downside, losing $2,400 would weaken Pillows’ Ethereum price prediction setup. His chart places the first broader support near $2,190.
Additionally, the chart identifies another lower support around $1,965. Meanwhile, the next major upside resistance shown on the weekly chart sits near $2,800.
Short Liquidations Surge During ETH Crypto Rally
Alongside the technical breakout, Ethereum derivatives recorded heavy liquidations as ETH crypto moved higher. Total liquidations reached $261.74 million over 24 hours.
Notably, short positions accounted for $216.64 million of that total. Long liquidations reached $45.10 million during the same period.
The imbalance became more pronounced over the latest 12 hours. Total liquidations reached $243.67 million, including $208.20 million in short positions.
Similarly, four-hour liquidations totaled $234.82 million. Shorts represented $202.21 million, while longs accounted for $32.61 million.
However, the one-hour figures showed a temporary reversal in positioning. Long liquidations reached $6.94 million, compared with only $1.78 million in shorts.
That shorter-term shift coincided with ETH pulling back after the sharp rally. Even so, Ethereum remains near $2,600 after breaking above $2,500.
Source: www.kucoin.com