Ethereum has reclaimed its 200-day moving average and pushed into the $2,800 region, with analysts identifying that level as the last major resistance before a potential move toward $3,000 and beyond. The rally that began in August and intensified in September has flipped the asset’s higher-timeframe structure bullish. High-leverage positions have been largely flushed, with longs dropping to roughly $2.1 billion against shorts near $4 billion. One analyst noted that reduced positioning leaves Ethereum vulnerable to increased volatility. “Maybe sleeping on Ethereum was the biggest mistake of this cycle,” said another analyst, as the asset trades 80% higher than its July bottom.
Ethereum has flipped its higher-timeframe structure bullish after the rally that started in August and intensified in September, and analysts agree that only one major resistance remains.
A decisive break above that level could open the door to a larger move toward $3,000 and beyond. The largest altcoin reclaimed the 200-day moving average and pushed into the $2,800 region last week, where it was stopped.
Daan Crypto Trades highlighted the change in market structure, confirming a weekly close above the 200 MA and EMA has solidified the bullish reversal. He believes $2,800 is the major obstacle, and clearing it leaves relatively little high-timeframe resistance before the $3,000-$4,000 region comes back into play.
Michaël van de Poppe is also bullish on Ethereum’s broader structure, stating it is “literally a matter of time” before another strong breakout to the upside. The higher-timeframe trend has improved substantially, but the market must still prove it can turn one of its most stubborn resistance zones into support.
CW argued that high-leverage positions have fallen sharply, with longs dropping to roughly $2.1 billion while shorts stood near $4 billion, after most previously accumulated high-leverage positions were wrecked. The reduced positioning leaves Ethereum vulnerable to a significant increase in volatility as it approaches $2,800.
Merlijn The Trader called attention to an emptied validator exit queue, arguing much of the forced selling pressure had already been absorbed during the earlier drawdown. He concluded that “maybe sleeping on Ethereum was the biggest mistake of this cycle,” as the asset sits 80% higher than its July bottom.
