Ethereum’s step-by-step, incremental pattern has confused market participants. While some believed that the price would return to lower support near $2500, others correctly judged the strategy to reach $3000 without undue bearish interest. The recent bearish action could be considered the final nail in the coffin, which could trigger a nice price rally above $3000 in the short term from now.
Ethereum could reach $3500 and Bitcoin could reach $60,000.
Since ETH price is showing some momentum in both USDT and BTC pairs, there is great speculation about a continued bullish trend. The second-largest token has been trading within a rising parallel channel and is aiming to reach the upper resistance of $3089 in the short term from now. This could lead to some bearish activity in both ETH and BTC, which could push prices above $3,500 and $60,000 respectively, as predicted by popular analysts. CrediBull Encryption.
Analysts believe in a bullish trajectory for the token as ETH continues to see rapid gains. Therefore, he believes in a bullish trajectory and hits new highs, regardless of any bearish moves in the middle.
“My bet is for ETH and BTC to fall a bit, then send ETH to $3500 and BTC to 60,000+.”
How will a rally to $3,500 materialize?
Open interest calculations play an important role in determining the next action for this enormous asset. This is a measure of the total value of future contracts outstanding or outstanding across exchanges. Public interest in Ethereum surged and dominated the USD, returning to 2021 levels.
An increase in open interest following a rise in price is generally considered bullish with a confirmed upward trend. This indicates increased market activity along with a significant shift in market sentiment in favor of the bulls. So, despite the general downtrend, the Ethereum price could hit new highs above $3000 any time from now.