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ETH Ethereum price forecast turns to US$2800, breaking through the rising triangle pattern
As the Ethereum (ETH) price breaks through US$2500 and continues its upward trend, the market's price forecast has shifted to US$2800. The current trading price of Ethereum is approximately US$2,606.08, an increase of approximately 6.8% in 24 hours. The price had previously recovered from a low of $2,433.27 and hit a high of $2,647.68.
Analysts The Cryptomist and Ted Pillows are tracking the technical structures that support this latest trend. Ethereum prices fell back to around $2600 after briefly approaching $2650. As a result, the $2640 - 2650 area has now formed the closest resistance area. At the same time,$2500 has become a key support level due to the latest breakthrough.
Ethereum Price Prediction Target: Focus on the $2800 Breakout
From a technical perspective, The Cryptomist pointed out that Ethereum formed a rising triangle breakthrough pattern on the four-hour chart. Before the breakthrough, Ethereum encountered resistance in the $2520 - 2530 range several times. At the same time, rising lows constitute the lower boundary of the pattern. In the end, Ethereum cleared the upper resistance and reached about $2623 on the analyst's chart.
According to The Cryptomist's analysis, if the breakthrough is valid, the focus of Ethereum price forecast will be $2800. Previous resistance levels of $2520-$2530 may turn into support during a pullback.
However, the analyst also linked Ethereum's potential rise to Bitcoin. The Cryptomist predicts that Ethereum's upside will depend in part on how far Bitcoin can go. Judging from the chart level around $2619, an additional increase of about 7% is needed to reach $2800. Analysts also expect altcoins to follow suit if broader market trends take shape.
Ted Pillows focuses on $2400 as key support
At the same time, Ted Pillows focuses on the weekly structure of Ethereum after its rebound from $2400. Ethereum had previously dropped to about $2,405.85, before buyers quickly pushed the price higher.
Pillows identified $2400 as a key level to maintain buyer control. In addition, Ethereum is still trading above its 50-week exponential moving average (EMA, approximately $2,380.70), providing another area of support below current prices.
Prior to this latest surge, Ethereum faced resistance of $2510 - 2547, an area that included the 50-week simple moving average (SMA) and resistance marked on the Pillows chart. Ethereum has now exceeded these levels in its latest rise. However, the weekly structure still depends on whether it can remain above near-term support.
In terms of downside risks, losing US$2400 support will weaken Pillows 'price forecast for Ethereum. His chart shows the first broader support level at around $2190. In addition, the chart also identifies another lower support level of around $1965. At the same time, the next major upward resistance on the weekly chart is near $2800.
Surge in short liquidations accompanies Ethereum's rebound
Accompanied by technological breakthroughs, large-scale liquidations occurred in the derivatives market as Ethereum prices rose. The total liquidation amount within 24 hours reached US$261.74 million. It is worth noting that short positions accounted for US$216.64 million, and the liquidation amount of long positions was US$45.1 million.
This imbalance has become more pronounced in the last 12 hours. The total liquidation amount reached $243.67 million, including $208.2 million in short positions. Similarly, the total liquidation amount in four hours was $234.82 million, of which short positions accounted for $202.21 million and long positions accounted for $32.61 million.
However, the one-hour data showed a temporary reversal of positioning. Long liquidations reached US$6.94 million, while short positions were only US$1.78 million. This short-term shift coincides with the timing of Ethereum's correction after a sharp rebound. Despite this, after breaking through $2500, Ethereum prices remained stable at around $2600.
