Ethereum: Bulls Can Help ETH Break This Price and Make a 23% Gain

• The derivatives market has seen a significant surge in buying volume, reaching its peak for the year.
• If the current buying momentum persists, Ethereum could potentially hit $3,440 based on technical charts.

Ethereums current price stands at $2,732 following a month-long decline of 16.15%, placing pressure on buyers.

However, there are signs suggesting a trend reversal as ETH recorded a gain of 2.08% last week.

The uptick in derivatives market buying volume and technical indicators could propel ETH to new highs.

A New High in Buying Volume

The taker buy-sell ratio—an indicator of overall market sentiment—shows that buyers currently dominate with a ratio of 1.13. This indicates aggressive purchasing behavior among traders.

This is now at its yearly maximum value as buyers continue to acquire more assets in an active market environment.

The funding rate backs up this trend with a positive measure at 0.0050%, reflecting dominant buying activity.

A positive funding rate indicates that long positions are paying premiums to maintain their stance on ETH as confidence grows—this situation suggests potential for a notable price increase towards $3,440 if bullish patterns materialize soon. Is ETH gearing up for an impressive rally?

ETH’s chart shows it nearing the upper resistance level of its symmetrical trading channel—a classic sign of accumulation where key resistance and support levels converge. Breaking through this barrier often leads to sustained upward movements.
If successful above this level, another significant resistance awaits around $2,798.34 which may briefly decelerate progress.
Keenly observing strong buying momentum should allow ETH to surpass these hurdles towards around $3,442—a climb representing approximately 23.06% growth.
If unable to sustain within this pattern however,a future breakout attempt may emerge again later down the line.
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