Lorenzo Stroe
Independent Analyst
- 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.
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.
Recommended Content
Editors’ Picks
Cardano Price Forecast: Sign of robust bullish reversal emerges despite dwindling DeFi TVL volume
Cardano rebounds to test resistance at $0.69 as technical indicator flashes a buy signal. A minor increase in the derivative Open Interest to $831 million suggests growing trader interest in ADA.
Crypto Today: Bitcoin's downside risks escalate as BTC spot ETF outflows extend
The cryptocurrency market is consolidating losses after starting the week amid high volatility. Bitcoin attempted to steady the uptrend above $106,000 but lost steam, resulting in a reversal to $105,204 at the time of writing on Tuesday.
Bitcoin falls below $106,000 as risk-off sentiment persists
Bitcoin price faces rejection around its $106,406 resistance level on Tuesday, hinting at a potential correction ahead. Market sentiment sours as growing Israel-Gaza tensions weigh on riskier assets, such as BTC.
Coinbase asset roadmap adds Ethena, ENA targets $0.34 breakout before listing
Ethena records its fourth consecutive positive day, signaling increased bullish momentum. Coinbase announces the addition of Ethena to the asset roadmap, making it tradable on the platform soon.
Bitcoin: BTC dips as profit-taking surges, but institutional demand holds strong
Bitcoin (BTC) is stabilizing around $106,000 on Friday, following three consecutive days of correction that have resulted in a near 3% decline so far this week. The correction in BTC prices was further supported by the profit-taking activity of its holders, which has reached a three-month high.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.