Is Ethereum (ETH) Price Poised for a Major Rebound? Can It Hit $3k?

To regain bullish momentum, Ethereum’s (ETH) price has pumped over 4 percent in the last 24 hours to trade above $2,740 on Wednesday. The top altcoin, with a fully diluted valuation of about $329 million and a daily average traded volume of around $13 billion, has been attempting to close the CME gap between $2,737 and $3,030.

Ethereum price is on the verge of regaining the weekly 200 Moving Average (MA) as a support level following last week’s crypto capitulation. However, the altcoin faces a major resistance level of around $2,817, which requires buyers to outweigh the sellers.

Moreover, Ethereum’s fear and greed index was around 36 percent, denoting fear, at the time of this writing.

Mixed Reactions from Ethereum Whales and Sharks

The recent crypto crash has triggered mixed reactions in the altcoin industry, amid the devastating $230 million WazirX hack. While some investors view the crypto crash as a temporary setback that will yield a major rebound, some traders have expressed significant pessimism.

According to on-chain data analysis provided by Lookonchain, Jump Trading has begun offloading the remaining assets after dumping a huge amount last week. Earlier today, Jump Trading transferred around 17k Ether, worth over $46 million, from Lido to exchanges for sale.

Meanwhile, BlackRock has continued acquiring Ether through its spot Ether ETF, ETHA, whereby it purchased over $49 million worth of ETH on Tuesday.

Midterm ETH Price Action

From a technical standpoint, Ether’s price against the US dollar could form a bullish ascending triangle in the lower time frames. However, the altcoin faces a major resistance level below $3k amid the heightened bearish sentiment of August and September.

Nevertheless, Ether’s price against the US dollar has risen after rebounding on the support level of around $2,125 last week.