Analysis: Ethereum's next target price may be at $2,800, short-term upside potential emerges

According to Odaily, Ethereum's recent rebound momentum is strong, with multiple technical and on-chain indicators suggesting it may challenge the $2,800 level in the short term. On Monday, ETH trading volume increased, breaking the previous bear pennant pattern on the daily chart and reclaiming key moving averages, including the 20-day EMA ($2,072) and the 50-day EMA ($2,210). Technically, the symmetrical triangle pattern suggests that if the price breaks above the upper trendline, the theoretical upside could reach $2,850, corresponding to the 200-day EMA. Simultaneously, the next resistance level is around $2,500 near the 100-day EMA. On-chain data shows that Ethereum's overhead resistance is concentrated in the $2,770–$2,880 range, where over 7.9 million ETH are held by long-term holders. Furthermore, cost basis distribution indicates an accumulation of over 3 million ETH around $2,800, providing a potential pathway for the price to test this level in the near term. Considering multiple factors, $2,800 could become a key target for Ethereum in the next phase. (Cointelegraph)