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The Ethereum (ETH) price is likely to record a major rebound in the coming weeks on a potential filling of multiple CME gaps on its chart. According to an update shared by market analyst Mister Crypto, three distinct CME gaps are now visible on the ETH/USD chart.
Ethereum price to $2,700?
According to the chart, the first of the CME gaps was formed at the $2,020 to $2,070 price mark. A look at the price trend shows the coin dropped from this level over the weekend and presents a good resistance for any relief rebound.
The second CME gap appeared much higher at the $2,200 to $2,310 price mark. This region is considered a major turning point to confirm that short-term selling is gradually easing.
Should the ETH price breach this level, it will then face a push toward the gap at $2,710, 36% from the current price level of $1,981.
Ethereum is one of the most sold digital currencies in the industry, with BlackRock often selling it alongside BTC. With the oversold conditions appearing on the ETH chart, Mister Crypto dropped a note, saying CME gaps always fill up in due course.
Ethereum bulls to focus on positives
It is not uncommon for altcoins like Ethereum to experience intense price volatility. While spot whale traders are known to offload the coin, dormant ETH addresses are also adding to this selling pressure.
Pending when the market rebounds, the broader Ethereum ecosystem is focusing on technical capabilities to prepare for institutional adoption.
Vitalik Buterin has often shared new thoughts on implementing innovations like modernized DAOs to get the most out of the protocol.
The technical updates, alongside the latest leadership reshuffle at the Ethereum Foundation, suggest that the ETH price will be the net beneficiary in the long term.
Vladislav Sopov
Dan Burgin