Ethereum Price Prediction: $2,750 in Sight if ETH Breaks This Resistance

Ethereum (ETH) has tagged a key resistance today at $2,150 after rallying by nearly 9% in the past 24 hours.

Trading volumes have surged by 24% during this period, currently accounting for 12% of the token’s circulating market cap.

Previous ETH Price Prediction Yields 2.5x Gain

We nailed our Ethereum price prediction from a couple of days ago. If you were paying attention, you may have banked a 2.5x trade in less than 48 hours.

Monday opened with a strong surge, as the United States and Israel declared war on Iran and killed its Supreme Leader.

ETH/USDT Hourly Chart – Source: TradingView

Even though other corners of the market exhibited a clear risk-off reaction to the news, cryptos rallied.

Back then, we identified the $1,900 level as the most relevant support to watch as ETH bounced off this mark twice and sent a buy signal in the hourly chart shortly afterward.

Our signals system tracks “decisional” candles featuring above-average volumes, a clear trend direction, and a specific candle pattern.

Since then, we have gotten another two buy signals, reflecting that buying interest is accelerating as ETH approaches a key daily resistance at $2,150.

Shorts Could Get Heavily Squeezed If ETH Climbs Above $2,150

Short liquidations have spiked in the past 24 hours, rising to their highest level since February 24 at $430 million. Nearly $100 million worth of ETH shorts have been wiped out as a result of today’s jump, indicating a strong potential for a short squeeze.

A heavily one-sided market like this could create the perfect conditions for an explosive move if ETH manages to rise past that $2,150 barrier in the next few hours.

The daily chart gives us a hint at what the token’s next target could be if we get that bullish breakout.

ETH/USDT Daily Chart – Source: TradingView

In this case, it seems likely that the top altcoin will rise to $2,750, as we highlighted in our previous prediction, meaning an upside potential of 28%.

The Relative Strength Index (RSI) shows that positive momentum is gaining steam, as the oscillator climbed above the 14-day moving average. If this indicator rises past 60, we will get further confirmation that a strong relief rally could be starting.

Buy Signal at Around $2,100 Could Be a Nice Opportunity to Take a Long Position

Heading to the hourly chart, which is our favorite time frame for buy and sell signals, there are some possible landing zones for ETH if the price pulls back from these highs.

ETH/USDT Hourly Chart – Source: TradingView

The $2,100 level seems like the best candidate for a short-term rebound. Hence, if we get another “buy” signal around those levels, that would give us an ideal entry for a long position with that $2,750 target in mind.

This would provide a massive trading opportunity, if confirmed, featuring an 11.5x risk-reward ratio if we set our stop price at around $2,030.

Meanwhile, this breakout could mark the beginning of ETH’s recovery at a point when geopolitical turmoil could push investors toward cryptos due to their decentralized nature.

Tensions in the Middle East are rising rapidly, and foreign capitals might be looking for a safe place to park their money.