Ethereum Surges Past $2,800, Eyes Target at $3,400
Ethereum (ETH) has surged by nearly 11% in the past 24 hours, reaching $2,800 and hitting a previous forecast. The top altcoin broke a bullish flag pattern that analysts identified weeks ago, setting the stage for a move toward its next target at around $3,400.
Trading volumes for ETH remain high at $20 billion, accounting for nearly 6% of the asset's circulating market cap. Buying pressure has been rising lately, with short liquidations reaching their highest level since August at $924 million.
A key on-chain metric, the MVRV Ratio, has flashed a historical buy signal. This ratio tracks the relationship between the market value of all ETH tokens and their total value at the price they were bought. According to data from Santiment, this metric has risen above the zero line after a pronounced bear market four times before, resulting in ETH advancing toward the $4,000 level.
ETH could deliver a 21% gain if it breaks past the $2.8K resistance, according to technical indicators and on-chain data. Positive momentum has been accelerating, as indicated by the Relative Strength Index (RSI), which broke above its signal line and stands at 69.