ETH Price Hits $2,700, But Bull Trap Fears Linger Amid Market Volatility

The Ethereum price has surpassed $2,700, reaching a nine-month high. Despite this surge, some analysts are cautioning that the current setup may be a bull trap.

X user DANNY believes that if ETH pumps to $2,670, sentiment will flip fast, and late buyers will get trapped before a real flush starts. DANNY envisions a slip toward $1,800, followed by $1,500 and capitulation in the final months of 2023.

Another analyst, Midas, also shared a pessimistic view, maintaining that ETH has formed 'a huge bearish setup.' Midas doesn't expect the upward move to last in the short term and forecasts a retest of the $1,700-$1,800 range. They added that if that liquidity gets swept, ETH can extend lower toward $1.4K-$1.5K.

On the other hand, multiple positive elements suggest ETH's price may keep surging in the short term. Whale transactions have been climbing, showing that large holders have become increasingly active. Ethereum's non-empty wallets have risen to 207.17 million, with staking remaining a major reason why ETH stays parked in the long run.