Ethereum Price Hints at Channel Breakout Rally, Targets $2,700

As Bitcoin marks recovery to the $92,000 mark, Ethereum crossed the $2300 mark. Currently, it has registered a 2% surge in the past 24 hours, with a 24-hour high at $2320.

Currently, it is trading at $2297, marking its third consecutive positive day. Will this recovery result in an $ETH price surge to the $2700 mark? Let’s find out.

Ethereum Surpasses $2,300

In the daily chart, the Ethereum price trend reveals a falling channel pattern. Currently, the $ETH price trend marks a significant bullish reversal to bounce back within the falling channel pattern.

This undermines the breakdown of the bearish pattern and kick-starts a new bullish wave. Currently, the lower price rejection from $2150 has completed a morning star pattern with driving the bullish rally.

Marking a follow-through to the bullish trend, Ethereum marks an intraday rise of 2.45% and is trading close to the $2300 mark. With the bullish turnaround, the MACD and signal lines are on the verge of signaling a positive crosswalk.

Hence, the technical indicator will mark a shift in trend nature and increase the chances of a bullish continuation. However, the prevailing downfall has resulted in a negative alignment of the 20-, 50-, 100- and 200-day EMA lines.

The 20-day EMA line comes as the immediate resistance level within the falling channel pattern at $2454. However, the growing stability in the market and improving sentiment tease a potential bull run in Ethereum to challenge the overhead trend line.

Coinciding with the overhead resistance trend line, the 50-day EMA at $2731 comes as the secondary price target.

Analyst Shows Ethereum Whales Exiting

Ali Martinez, a crypto analyst, highlights significant growth on the Ethereum network. The analyst, using the data from Glassnode, reveals the number of addresses holding more than 10,000 $ETH has reached 919. This marks a significant downfall in the number of whales from 999 to 919 in the past two weeks.

$WLFI Purchases $10M Additional Ethereum

Despite the declining number of whales, Donald Trump’s World Liberty Financial maintains a positive viewpoint on Ethereum. $WLFI has recently purchased $21.5 million worth of crypto, including $ETH, WBTC, and $MOVE.

Donald Trump's World Liberty Financial (@worldlibertyfi) is back to buying $ETH, $WBTC, and $MOVE!

In the past 45 minutes, the fund moved 25M $USDC to a new multi-sig wallet and purchased:

• 4,468 $ETH ($10M) at $2,238
• 110.6 $WBTC ($10M) at $90,420
• 3.42M $MOVE ($1.5M) at… https://t.co/pyElkjbFwf pic.twitter.com/azgZeglmQA

— Spot On Chain (@spotonchain) March 5, 2025

In its recent purchase, the fund has acquired 4,468 $ETH tokens worth $10 million at an average price of $2,238. Furthermore, the fund has acquired WBTC and $MOVE tokens worth $10 million and $1.5 million, respectively. Currently, the fund is holding $54 million worth of Ethereum.

$ETH Price Targets $2,700

Based on the price action analysis, the bullish cycle within the falling channel pattern is gaining momentum. Furthermore, the increasing interest of the anagrams $WLFI in Ethereum and its growing confidence signals a potential bull run.

On the flip side, however, the crucial support for $ETH remains near $2150 followed by the $2000 psychological mark.