Ethereum was trending on CoinMarketCap today and has gained more than 4% value within the last 24 hours. The trading volume is up by 53% as it soars near the $20B level. After reaching its floor price close to $1,475 in mid-April, ETH made two higher lows on the daily chart, reaching above the $2,450 level. However, once the coin reached this level, it has been moving sideways for about 20 days, fluctuating between $2,450 and $2,800.
ETH/USDT 1-Day Chart (Source: Tradingview)
As ETH moves sideways, the market is waiting to see whether ETH will print what might be its next higher low. However, the RSI is showing a divergence, making lower lows; this goes on to say that the strength of the bulls is waning. Additionally, the Bollinger bands are squeezing, and the market is consolidating, which shows the absence of bulls. The RSI has fallen below the SMA, and this shows that the coin is performing below par. Hence, the market may correct the prices, and ETH may appreciate and form another higher low.
But the biggest question is, will Ethereum stay intact with the blue trend line shown in the chart?
With the altcoin season lurking around the corner, the ETH bulls might have a chance of recovery. The altcoin season index indicator reads a value of 22, which gives an optimistic view, as most of the altcoin season started when the altcoin season index was somewhere close to 20. The altcoin season index helps to understand the performance of non-Bitcoin cryptocurrencies. It helps understand whether the altcoins are outperforming Bitcoin.
Source: Coinglass
The Open Interest (OI) on ETH futures on Binance is currently increasing. On May 2, 2025, the OI was 4.21B, and it stands at 5.95B as of the time of publication. The increase in OI shows that there are more traders who are taking long positions or betting that the price of Ethereum could appreciate.
Moreover, adding to the bullish sentiment, analyst Carl Moon tweeted that ETH could go as high as $8000. According to the analyst, there is a symmetrical triangle pattern emerging on the monthly charts. Although the symmetrical triangle pattern could break out in any direction, the optimistic analyst suggests the ETH could reach as high as $8,000.
ETH/USDT 1-Month Chart (Source: Tradingview)
Usually, when this pattern breaks out, one would expect the prices to increase or decrease by the height of the wedge at the broadest part. Hence, the analyst’s prediction could come true. As ETH fluctuates inside the symmetrical triangle, the coin may reach as high as $3,800 as it rebounds off the lower trendline towards the upper trendline.
