Analysis: Ethereum's Next Target Price May Be at $2,800, Short-Term Upside Potential Emerges

Odaily News 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. Trading volume for ETH increased on Monday, 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 target could reach $2,850, aligning with the 200-day EMA. Meanwhile, the next resistance level is around $2,500 near the 100-day EMA. On-chain data indicates that Ethereum's overhead resistance is concentrated in the $2,770–$2,880 range, where over 7.9 million ETH is held by long-term holders. Furthermore, cost basis distribution shows accumulation of over 3 million ETH around the $2,800 level, providing a potential path for the price to test this level in the short term. Considering multiple factors, $2,800 could become a key target for Ethereum in the next phase. (Cointelegraph)