Ethereum Bulls Soar: ETH Price Predictions Point to $2.5K or $3K? Ethereum has been on a
rollercoaster ride, with its price range between
$2116 and $2614 dominating the scene for the past couple of months. But things took an exciting turn on February 12th when the bulls closed the day at a whopping
$2659, breaking through the ceiling.
What's behind this rally? One key factor could be the surge in
active addresses, a metric that has historically accompanied bull runs. While we're not seeing a clear uptrend just yet, the gradual increase in active addresses since October 2023 suggests growing interest in Ethereum's network.
The derivative markets are also buzzing with optimism, as evidenced by the sustained rise in
Open Interest. From $1.7 billion in early October, it has climbed to an impressive
$6.74 billion by mid-February, indicating strong bullish sentiment among speculators.
As ETH surges higher, it's important to keep an eye on the
liquidation levels. The breach of the $2730-$2835 zone, with potential liquidations ranging from $10 billion to $15 billion, signals both excitement and caution. A pullback toward $2000 wouldn't be surprising to clear out these liquidations.
However, it's not all smooth sailing for Ethereum. A move below
$2500 would strengthen the case for a drop to $2000, while a dip to the $2500-$2600 range could present an attractive buying opportunity for those looking to join the ETH party.
So, is your portfolio turning green? With Ethereum's upward trajectory and market dynamics pointing towards further gains, it might be time to check out that
ETH Profit Calculator and see where this rally takes you!
Disclaimer: This is not financial advice. Always do your own research before making investment decisions.
