Ethereum Price Forecast: ETH on the verge of a massive upswing to $2,800

Ethereum price has been trading in an ascending wedge pattern since the beginning of 2021.
The digital asset is on the verge of a massive 44% breakout to new all-time highs.
Only one key resistance level separates Ethereum from $2,800.

Ethereum price has been underperforming in comparison to other major coins like Bitcoin or BNB. Investors are concerned about high gas fees, but most projects are still built on top of Ethereum. On-chain metrics show that ETH is still poised for another leg up.

Ethereum price on the brink of reaching $2,800

The most significant pattern for Ethereum is the ascending wedge formed on the 12-hour chart since the beginning of 2021. The upper trendline resistance has rejected the price more than a dozen times in the past two months.

ETH/USD 12-hour chart

A clear breakout above the upper boundary would be significant. Bulls want to see a 12-hour candlestick close above the resistance trendline to confirm a breakout, which could push Ethereum price up to $2,800, a 44% move.

ETH Holders Distribution

At the time of writing, the ETH2 deposit contract holds 3.156 million ETH coins worth more than $6 billion. At the same time, more whales have joined the network in the past two weeks.

The number of large holders with 100,000 to 1,000,000 ETH coins has increased from 154 on February 12 to 160 currently, which indicates they believe Ethereum is bound to rise higher in the near future.

ETH/USD 12-hour chart

However, the upper resistance trendline of the ascending wedge is robust and likely to reject Ethereum price once again. This would result in ETH dropping towards the lower boundary at around $1,800.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.