Ethereum has recently made a significant recovery after dropping to $2,880, a point previously noted for its inefficiencies. Analysts suggest that the bearish gaps have been addressed, leading to a more promising chart structure.

Both technical and on-chain metrics are being monitored by traders for indications of future movements.

Gap Mitigation and Price Structure Resurgence

• Analyst Crypto Patel remarked that Ethereum has managed to fill the Fair Value Gap at $2,880, effectively holding this level. The absence of bearish gaps now lends a measure of stability to the current structure, suggesting the potential for upward movement.
• Two vital support levels at $2,622 and $2,256 align with major Fibonacci levels, marking potential target zones for buyers. According to Patel, any retests of these levels might present strong long entry points for traders aiming for price targets between $10,000 and $15,000.

Ethereum Recovery Source: Crypto Patel/X

At present, Ethereum’s trading price hovers around $3,000, reflecting a slight daily decrease. Resistance levels are identified at $3,048, followed by $4,058 and $4,960.

Chart Projection Suggests $17K Potential

A longer-term look at the three-day chart indicates a potential ascending inverse head-and-shoulders formation as tracked by Trader Tardigrade. The neckline, slightly upward-leaning and resting just above the current price, presents a cue; if it breaks, projected targets could reach near $17,000.

“Currently, it’s at the tip of the right shoulder. If this pattern unfolds, the target will be $17,000.” — Trader Tardigrade (@TATrader_Alan)

Historical Lows Align with On-Chain Support

According to CryptosRus, Ethereum hit $2,870 recently, coinciding with the cost basis for both retail traders and large holders. This price point has previously marked cycle lows. Reports are indicating that whale wallets with over 10,000 ETH are increasing their positions, while smaller wallets seem to be reducing exposure.

“Retail is selling… and whales holding 10k+ ETH are loading up.”

Market sentiment shows a shift, with liquidations decreasing for long positions at market dips.

Upcoming Data Imminent

CryptoWZRD has pointed out that ETH recently closed a daily candle with a long downside wick, indicating that buyers stepped in late in the trading session. Current focus is on ETH/BTC strength and moves around $3,130. Sustaining above this mark would favor a continued bullish trend, while a failure to hold may lead to consolidation.

Traders are currently poised for key triggers, particularly with upcoming U.S. labor data, which could influence Bitcoin’s price movements.

In summary, Ethereum seems to be nearing a bottoming phase, with multiple indicators suggesting a steady build-up around critical price levels.