Ethereum (ETH) recently fell below $2,600 after showing potential to reach $3,000. However, the altcoin might soon reverse the trend according to on-chain analysis.
The fall resulted in a decline in the Taker Buy/Sell Ratio, but it is now nearing 1, indicating potential bullish momentum. If it continues to rise, ETH could approach $2,800 again.
A positive MVRV ratio supports this bias. Historically, a rising MVRV ratio has coincided with price surges, suggesting possible upward movement if the trend continues.
On the daily chart, ETH is close to falling below $2,500. Support level around $2,345 might help in rebounding. Differences in the Balance of Power (BoP) indicator show bullish control, suggesting a price rise to $2,824.
ETH could even reach $3,262 in a strong bullish scenario, but a drop below the support may cause the price to fall to $2,115.
