The Ethereum market is showing positive signs for ETH price in the near to medium terms, according to on-chain and technical indicators. After ending the last quarter with 55% gains, the native token of Ethereum, Ether (ETH), could reach $3,000 in Q2 2023, up 80% from current levels. ETH has more than doubled in value since bottoming out in June at around $880, despite a range of negative events, including interest rate hikes, the collapse of FTX, and stricter US regulations. An ascending triangle pattern has formed, indicating aggressive buying and a potential breakout if the price closes above the $1,700-$1,820 resistance range, while volumes also increase.
ETH’s short and long-term trends look skewed towards bullish, with most Ethereum whale cohorts accumulating more ETH in recent weeks, according to data from Santiment. Additionally, the net Ether deposited at the official Ethereum 2.0 address crossed 18 million ETH, and Ethereum’s MVRV Z-Score entering a stage that has previously preceded long-term ETH price rallies, suggesting a bullish outlook.