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.
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