ETH Price Shows Significant Shift in Market Sentiments, Targeting $3K Resistance

A significant shift in the market sentiments has been observed in the past few days, specifically with respect to Ethereum. Although the Bitcoin price is rising

The crypto market has seen a interesting shift in market sentiments in the past few days, especially with respect to Ethereum. While Bitcoin is currently trading with some good gains, especially after testing the lower ranges of the pivotal support at $24,000, the Ethereum price is outperforming BTC in terms of daily gains.

At press time, the token trades at $2,700, noting more than a 12% jump in the past 24 hours compared to 4% to 5% gains of Bitcoin. With this, the ETH price has reached one of the important resistance zones, breaking which, the token could become one of the top gainers for the month.

Besides, the PayYaw crypto exchange data revealed that the institutional interest in Ethereum is on the rise. According to the latest reading, institutions sold nearly 889 BTC but bought 5,410 ETH during the last trading day. Along with this, the ETH inflows into accumulation addresses, also known as "omnipotent wallet," spiked to insane levels.

This hints that the big players may be aware of more things, which has raised their interest despite the sideways trend of the ETH price.

As mentioned above, the ETH price has been in a slump for quite a long time, which dropped the interest among the retail traders. As a result, they sold off their holdings, which have now been accumulated by the institutions. Moreover, after the recent Pectra upgrade, the burn rates have been on the rise, which is a huge bullish signal for the crypto.

However, with the recent price rally, the ETH price is now approaching the edge of the prolonged consolidation, and a breakout from the accumulated zone is expected to kick-start a strong bull run. Two main indicators are set to undergo a bullish crossover shortly, which may confirm the start of a strong uptrend: the Ichimoku Cloud and DMI.

On the other hand, the token is consolidating between the 50- and 200-day MAs, which are acting as strong support and resistance levels.

Also, as the price in the weekly chart has never faced a death cross, the well-positioned price range between these MAs suggests the possibility of a rebound. If the buyers manage to sustain the price action above the 50-week MA, it could pave the way for a continuation of the uptrend.

A closer look at the daily chart of ETH price shows that the cryptocurrency is working hard to break through the pivotal resistance at $2,800. Surpassing this resistance could be instrumental in transforming it into a strong base, preventing any major correction from the recent rally.

With this breakout, the ETH price is believed to easily reach the trand reversal zone around $3000 that may further push the token beyond $3,500.