Ethereum Price Prediction: ETH targets $3,000 amid renewed bullish momentum
|- Ethereum price remains contained inside an ascending broadening wedge pattern.
- The digital asset has experienced a significant shift in momentum in the past week in favor of the bulls.
- The number of ETH coins locked away from exchanges exceeds 13 million.
Ethereum price is only one key resistance level away from a potential jump towards $3,000. On-chain metrics have strengthened significantly in the past month and the trend seems to be changing in favor of the bulls.
Ethereum price on the verge of a massive 60% breakout
On the daily chart, Ethereum has established a broadening wedge pattern. After defending the lower trendline on March 26, ETH is poised for a breakout towards the upper boundary of the pattern at $3,100.
ETH/USD daily chart
There is a critical resistance level at $1,933 that needs to be cracked first. However, on-chain metrics give the bulls the upper hand. The ETH2 deposit contract holds more than 3.62 million ETH inside, worth about $7 billion at current prices. Additionally, there are 9.65 million ETH locked in DeFi, which means that around 13.27 ETH coins are locked away from exchanges, worth $25 billion.
ETH locked in Defi
However, a rejection from the key resistance level at $1,933 will lead Ethereum price down to the lower boundary of the pattern at $1,700.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.