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.

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