BroadChain has learned from Cointelegraph that Ethereum is showing strong rebound momentum, with multiple technical and on-chain indicators pointing to a potential short-term push toward the $2,800 level.
On Monday, March 16, increased trading volume helped ETH break out of a prior bearish pennant pattern on the daily chart and reclaim key moving averages, including the 20-day EMA ($2,072) and the 50-day EMA ($2,210).
From a technical perspective, the symmetrical triangle pattern suggests that a breakout above its upper boundary could propel the price toward a theoretical target of $2,850—a level that coincides with the 200-day EMA.
The next immediate resistance sits near the 100-day EMA, around $2,500.
On-chain data reveals that significant Ethereum resistance is concentrated between $2,770 and $2,880, where long-term holders control over 7.9 million ETH.
Furthermore, cost-basis distribution indicates accumulation of more than 3 million ETH near the $2,800 mark, potentially paving the way for the price to test this level in the near term.
Taking these factors together, $2,800 appears poised to become Ethereum's next key price target.