ETH jump 21% for week; don clear realized cost basis, him aim $3,018 as $2,800 resistance dey
Ethereum (ETH) naik about 21% for one week, e rally from March 29 low near $1,940 reach around $2,390. The move put ETH back above im realized price/cost basis near $2,320, wey normally dey reduce sell pressure and improve sentiment for ETH traders.
On-chain and market-structure signals dey supportive. RSI don rebound to 56 from late-March oversold levels, and analysts point to a bull-flag/continuation setup. The article highlight near-term test area around $2,350, where flag boundary dey overlap the 100-day EMA.
Upside levels clear but resistance dey near. If daily close pass roughly $2,350 fit open measured move toward about $3,018. But the next big hurdle na sell wall around $2,800. Cost-basis distribution show say about 7.1 million ETH buy for average cost range $2,750–$2,850, wey increase risk of profit-taking near breakeven.
Key trade checkpoints: make e hold above ~ $2,300 to validate the recovery, and watch for confirmation if ETH break above ~ $2,400. After that, ETH need clear resistance around $2,800 to keep momentum toward the $3,000 area.
Bullish
ETH dey show momentum and sentiment shift as e don reclaim im realized cost basis (~$2,320) after sharp weekly rally (+21%). Technical signals dey supportive (RSI recovery and continuation/flag setup), wey dey raise probability say e go continue towards $3,018.
The view no pure risk-free because nearby sell wall around ~$2,800 and big cost-basis cohort for $2,750–$2,850 fit trigger profit-taking. That one fit create short-term ceiling and fit cause consolidation even if $2,350–$2,400 breakout happen.
Overall, traders suppose expect bullish bias with two-step confirmation: first regain/hold above ~$2,300 and break above ~$2,400, then clear ~$2,800 successfully to keep road open to ~$3,000 area. If e fail for these levels, e likely go turn the move to corrective retracement instead of sustained trend reversal.