- Ethereum has violated $ 2.8k’s resistance, but there may be a solid argument for a bearish reversing
- Supply zone from February, if violated, the next rally could set up
Ethereum [ETH] Recently touch a new milestone.
34.8 million ETH, or almost 30% of the circulating offer, has now been deported. In fact, figures for the same now have surpassed the previous high set in November 2024. The expectation of spot ETH deployment ETFs in the coming weeks can also cause exciting news for investors.
However, that is not all, as another report has shown that ETH is not yet in a distribution phase, based on the trends of the whale address count. Traders also have opportunities to achieve profit through price movements.
Source: Stretch Proof on X
As expected a week ago, Ethereum managed to climb to the resistance of $ 2.7k $ 2.8k. However, the constant increase in the increase of more than $ 2,780 was a bit of a surprise. In a post on X, Trader Rough -free An commercial idea.
The idea included a deviation over the local high that a bearish was able to see. It followed an idea from the end of May, when a test of the local layer at $ 2.4k was expected result in a rallyAnd it did.
With the price that climbs above $ 2,800, and short -term momentum and sentiment firm bullish, a bearish reversal was able to fool the bulls and reward short sellers who recognized the instructions of the price action.
Investigating the Ethereum triggers for traders to go for a long or short
Source: ETH/USDT on TradingView
The local resistance levels at $ 2,716 and $ 2,788 were both violated. Moreover, the price has re-tested the $ 2,774 level as support before it climbed $ 2,800. In itself it was a bullish signal. In fact, at the time of writing, there were already some signs of reversal.
In February the region of $ 2,885-$ 2,915 had served as a resistance. It may be possible that ETH would test this food zone and then reversed, as recticproof theoretized. If this does indeed happen, traders can use a drop below $ 2,774 to search for short submissions.
On the other hand, a movement would be a signal beyond $ 2,915 that long transactions are favorable. The level of $ 3K is a huge psychological obstacle for the bulls. With Bitcoin [BTC] Close to the $ 110k marking and buying pressure for Ethereum in the elevator according to the OBV, an outbreak can probably be.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer