Key Insights
- Ethereum price prediction turns toward $2,800 after ETH breaks above an ascending triangle.
- The Cryptomist says ETH as its native asset.">Ethereum’s next move depends partly on how high Bitcoin climbs.
- ETH liquidations reached $261.74 million, with shorts accounting for $216.64 million.
Ethereum price forecasts have turned toward $2,800 as the value of ETH surpassed $2,500 and extended its 24-hour gains. ETH as its native asset.">Ethereum is currently changing hands near $2,606.08, marking an increase of about 6.8% over this timeframe.
This upward movement came on the heels of a bounce from $2,433.27, propelling ETH to a peak of $2,647.68. Meanwhile, market analysts The Cryptomist and Ted Pillows are monitoring distinct technical formations backing the recent price action.
After briefly nearing $2,650, ETH retreated slightly toward $2,600. Consequently, the $2,640–$2,650 band now acts as the immediate resistance threshold, while the $2,500 mark has turned into a crucial support level following the recent breakout.
Ethereum Price Prediction Eyes $2,800 Breakout
From a technical perspective, The Cryptomist points to an ascending triangle breakout visible on the four-hour Ethereum chart. Prior to this breakout, ETH encountered repeated selling pressure around the $2,520–$2,530 resistance zone.
Simultaneously, higher lows established the baseline of the pattern. Ethereum eventually broke through the upper resistance ceiling, reaching approximately $2,623 on the analyst’s charts.
According to The Cryptomist, the outlook for Ethereum targets $2,800 if the breakout manages to hold. The former resistance zone of $2,520–$2,530 may now serve as a support floor during any potential retracements.
That said, the analyst also ties potential gains in ETH to the trajectory of Bitcoin. The Cryptomist anticipates that Ethereum’s future upward momentum will rely in part on how far Bitcoin can extend its rally.
Starting from a chart level close to $2,619, a climb to $2,800 calls for an additional upward push of roughly 7%. The analyst also predicts that the broader altcoin market will trail along if this wider market trend continues.
Ted Pillows Tracks $2,400 as Key ETH Support
In a separate analysis, Ted Pillows centers his focus on Ethereum’s weekly market structure following its recent recovery from the $2,400 region. ETH had previously slipped to about $2,405.85 before buyers quickly stepped in to drive prices upward.
Pillows highlights $2,400 as the critical line in the sand that keeps buyers in control. Furthermore, Ethereum is trading above its 50-week EMA near $2,380.70, supplying an additional layer of support beneath current levels.
Prior to the latest upward surge, ETH crypto dealt with resistance around $2,510–$2,547. That zone incorporated the 50-week SMA alongside the specific resistance level outlined on Pillows’ chart.
Ethereum has successfully pushed above those thresholds during its latest advance. Even so, the sustainability of the weekly setup hinges on holding onto the recovery above nearby supports.
On the downside, a drop below $2,400 would undermine Pillows’ technical projections. His charts position the next significant support zone near $2,190.
Additionally, the analysis points out a lower structural support around $1,965, while the prominent overhead resistance on the weekly time frame is registered near $2,800.
Short Liquidations Surge During ETH Crypto Rally
Alongside this technical breakout, Ethereum derivatives markets registered heavy liquidations as the price of ETH pushed higher. Total liquidations mounted to $261.74 million over a 24-hour span.
Significantly, short positions made up the vast majority of that figure, totaling $216.64 million. In comparison, long liquidations amounted to $45.10 million during the same timeframe.
This imbalance became even more pronounced looking at the trailing 12 hours, where total liquidations hit $243.67 million, including $208.20 million in short positions.
Similarly, figures recorded over four hours totaled $234.82 million in liquidations. Shorts accounted for $202.21 million of that amount, whereas longs represented $32.61 million.
However, data from the one-hour window revealed a brief shift in market positioning. Long liquidations reached $6.94 million, outweighing the $1.78 million recorded in leveraged position when margin no longer covers losses.">liquidated shorts.
That shorter-term reversal coincided with a minor pullback following the sharp rally. Nevertheless, Ethereum continues to hold its ground near $2,600 after successfully breaching $2,500.
Frequently Asked Questions
- What is the next major price target for Ethereum? Analysts are eyeing $2,800 as the next target if the current breakout holds.
- Why is Bitcoin important to Ethereum’s price prediction? Experts note that Ethereum’s upside potential partly depends on how high Bitcoin extends its own rally.
- What are the critical support levels for ETH? Key support zones are located near $2,500, $2,400, and the 50-week EMA around $2,380.70.
- How many liquidations occurred during the ETH rally? Total liquidations reached $261.74 million over 24 hours, driven heavily by $216.64 million in short positions.
Michael Gachihi Nderitu 
Arnold Kirimi