After a major drop in the market last week, Ethereum (ETH) is now aiming for the $3,000 mark, showing signs of recovery. ETH’s price fell to $2,112 on August 5, which was the most significant decline of the year.
It has since started to rise again. Since then, though, Ethereum has gone up by 8% in the last week, regaining the $2,600 level and giving investors hope for a long-term upward trend.The market research company CryptoQuant pointed out that a lot of long bets in Ethereum futures were closed during the crash.
Ethereum Faces Market Reset
According to the company, these kinds of liquidations usually happen before major price increases, when the futures market stabilizes and buying pressure rises in the spot market.CryptoQuant said that the recent cascade caused huge long liquidations that had not been seen since November 2022.
They think this reset in the futures market could lead to increased bullish momentum if demand comes back, which could push Ethereum to all-time highs. Crypto expert Caleb Franzen agreed with this view, pointing out that a break above $2,725 could mean a strong move up.
His research shows that the lows have gone up and the supertrend signs are showing a bullish reading, which means that ETH is moving in the right direction.On the ETH/USDT weekly chart, Ethereum is trading at $2,645, and the $2,700 level is a level of support.
If the price goes up, the next goals would be $2,900 and $2,990, which are the last two levels before $3,000. But ETH could fall even further to $2,345 if it can’t keep its support above $2,550.People who trade cryptocurrencies are keeping a close eye on Ethereum to see if the second-largest cryptocurrency can keep its comeback going and reach the $3,000 mark.
