Ethereum price rebounded after reaching $2,880, a level marked by earlier price inefficiencies, according to technical analysts tracking the cryptocurrency. The digital asset filled what traders call a Fair Value Gap near that level and held above it, leaving no bearish gaps on the chart, according to market analysts. The cryptocurrency has moved back above key short-term zones, according to technical analysis.
Two support levels have been identified that align with major Fibonacci retracement zones and are viewed as potential accumulation areas, analysts stated. The levels could set up long opportunities for traders targeting higher prices. A longer-term pattern on the 3-day chart indicates a possible ascending inverse head-and-shoulders formation, and the neckline has a slight upward slope sitting just above the current price. If the neckline breaks, the estimated move based on the pattern’s depth implies a substantial upside target.
On-chain data shows Ethereum approaching the realized cost basis for both retail traders and large holders. Whale addresses have been adding to positions while smaller wallets trim exposure. Derivatives data shows long positions are less frequently liquidated on dips, while short exposure is rising, ahead of upcoming U.S. labor data that could spark volatility. Traders remain focused on key levels as liquidity builds around these zones.
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