Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is showing strong potential for significant upward movement as an expert suggests a buy signal for the altcoin. On February 11, 2025, a well-known crypto analyst posted on X (formerly Twitter), indicating that ETH is looking bullish. They also pointed out that the TD Sequential indicator has signaled a buy on both daily and weekly time frames.
Ethereum Technical Analysis and Upcoming Level
In addition to this analysis, ETH seems to be shifting from a bearish to a bullish sentiment. Technical analysis experts have observed a breakout from a symmetrical triangle pattern on the four-hour time frame.
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Based on recent price movements and historical trends, if ETH maintains its position above the breakout level, there is a strong chance it could surge by 10% to hit the $3,000 mark in the near term.
This change in sentiment and recent breakout coincided with a broader uptrend in the overall cryptocurrency market, attracting considerable attention from traders and investors.
Ether Bullish On-Chain Metrics
As per on-chain analytics company Coinglass, ETH open interest (OI) has risen by 6.50%, indicating increased participation and the establishment of new positions, which supports a positive outlook. However, Coinglass data also shows that intraday traders are currently favoring long positions.
At present, the major liquidation levels are around $2,620 on the lower end and $2,725 on the higher end, with traders being highly leveraged at these points.
If the market sentiment remains steady and the price climbs to $2,725, close to $100 million worth of short positions will be liquidated. Conversely, if sentiment changes and the price drops to $2,620, nearly $570 million worth of long positions will face liquidation.
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This data on liquidations indicates a strong bias towards long positions, with traders currently holding more than five times the value in long positions compared to short positions.
Ethereum (ETH) Current Outlook
With increasing interest and positive price movements, Ether is currently priced around $2,685, having risen by over 4% in the last 24 hours. Moreover, its trading volume has gone up by 5% during the same period, suggesting a modest increase in engagement from traders and investors compared to the previous day.
