Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is poised for massive upside momentum as an expert hints at a buy signal for the altcoin. On February 11, 2025, a prominent crypto expert made a post on X (previously Twitter), stating that ETH appears bullish. They further noted that the TD Sequential indicator flashes a buy signal on both daily and weekly time frames.
Ethereum Technical Analysis and Upcoming Level
Besides this prediction, ETH already appears to be shifting its sentiment from bearish to bullish. According to expert technical analysis, ETH has recently broken out of a symmetrical triangle pattern on the four-hour time frame.
Based on recent price action and historical patterns, if ETH holds above the breakout area, there is a strong possibility it could soar by 10% to reach the $3,000 level in the near future.
This shift in sentiment and recent breakout occurred after the overall cryptocurrency market began experiencing upside momentum, attracting significant attention from traders and investors.
Ether Bullish On-Chain Metrics
According to the on-chain analytics firm Coinglass, ETH open interest (OI) has jumped by 6.50%, indicating rising participation and the formation of new positions, which supports a bullish outlook. However, Coinglass data also reveals that intraday traders are currently betting strongly on long positions.
At press time, the major liquidation levels are near $2,620 on the lower side and $2,725 on the upper side, with traders being over-leveraged at these levels.
If market sentiment remains unchanged and the price rises to the $2,725 level, nearly $100 million worth of short positions will be liquidated. Conversely, if sentiment shifts and the price drops to the $2,620 level, nearly $570 million worth of long positions will be liquidated.
This liquidation data shows that traders are strongly betting on the long side, currently holding more than five times the value in long positions compared to short positions.
Ethereum (ETH) Current Outlook
With rising interest and bullish price action, Ether is currently trading near the $2,685 level, having surged over 4% in the past 24 hours. However, during the same period, its trading volume has increased by 5%, indicating a modest rise in participation from traders and investors compared to the previous day.
Credit: Source link
