Ethereum has reclaimed its 200-day moving average and pushed into the $2,800 region last week, marking a bullish structural shift on the higher timeframe. The $2,800 level represents the major resistance standing before a potential move toward $3,000-$4,000, having stopped ETH on several occasions over the past years. High-leverage positions have sharply declined, with longs dropping to approximately $2.1 billion versus $4 billion for shorts, leaving ETH vulnerable to increased volatility as it approaches this level. The largest altcoin now sits 80% higher than its July bottom, and several analysts believe a decisive break above $2,800 could open the door to a much larger move.
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