Ethereum Bulls Aim for $3,000 as BTC Hits $50,000
On Feb. 12, Ethereum (ETH) reached a peak of $2,633, just below its 2024 high, while Bitcoin (BTC) surged above $50,000 for the first time since 2022.
Ethereum Derivative Traders Show Bullish Sentiment
With Bitcoin breaking the $50,000 barrier, there is optimism that Ethereum will follow suit. In the ETH derivatives markets, speculative traders have been placing leveraged bullish bets at an increased rate.
The rise in ETH funding rates indicates that long position holders are paying higher fees to short traders in anticipation of an imminent price upswing.
US Whales Increase ETH Purchases
US-based corporate entities are actively purchasing ETH in the spot markets and backing their optimism with rapid buying activity. The Coinbase Premium index shows that ETH prices on Coinbase have consistently been higher than on Binance.
This trend indicates that whales’ buying pressure on Coinbase Pro has exceeded retail activity on Binance and often precedes major price rallies.
ETH Price Forecast: Targeting $3,000
Based on rising funding rates and buying pressure from US-based whales, Ethereum is expected to continue its upward trajectory towards the $3,000 level. However, the bulls may face resistance at the $2,750 range.
If this initial resistance is overcome, it could generate momentum for a push towards the $3,000 target. On the downside, a drop below $2,000 seems unlikely in the short term as there is solid support around the $2,350 level.
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