Is Ethereum on the road to $2810? What market sentiment says

• ETH has surged by 9.03% over the last seven days.
• An analyst eyes further gains if $2200 support level holds.

Ethereum [ETH] has recently experienced a strong recovery in its price, trading at $2553 at press time.

This marked a 5.25% increase over the past 24 hours, thus completing a week-long upsurge. As such, on weekly charts, the altcoin has surged by 9.03%.

Prior to these gains, Ethereum had been on a downtrend, reaching a low of $2251 last week.

Despite the recent surge, Ethereum’s price has remained considerably below its March high of $4070. Equally, it still remains down by 47.9% from its all-time high of $4878.

Therefore, the current market conditions raise questions about the sustainability of the recovery. Inasmuch, popular crypto analyst Ali Martinez suggested a potential rebound if the $2200 support level holds

What market sentiment says

According to Martinez, the TD Sequential was flashing “buy” on Ethereum’s weekly charts at press time.

Source: X

This suggested that markets have a strong potential for a strong rebound if ETH’s prices hold above the $2200 support level.

In context, TD Sequential helps to identify trend exhaustion and Potential reversal points. Thus, a buy signal on the TD Sequential suggests that the downtrend is losing strength, indicating a potential reversal to the upside.

Therefore, based on weekly charts, ETH may see a sustained rally rather than a short-term bounce.

ETH looks favorable

According to AMBCrypto’s analysis, ETH was experiencing a strong upward momentum on weekly charts. This was a result of favorable market conditions that positioned the altcoin for further gains.

Source: Coinglass

For starters, Ethereum’s OI-Weighted Funding Rate has remained for the past 4 days.

Usually, a positive OI-Weighted Funding Rate indicates a significant volume of open interest is associated with investors taking long positions.

A high Open Interest combined with a positive Funding Rate suggests that investors are using leverage to bet on price increases, thus indicating confidence in upward movement.

This is a bullish sentiment, with long position holders paying short position holders.

Source: Santiment

Additionally, Ethereum’s Funding Rate Aggregated by Exchange has been positive for the last three days. This further supported AMBCrypto’s previous observation regarding a higher demand for long positions than short.

Source: IntoTheBlock

Finally, Ethereum’s large holder netflow has remained positive most of the week, only turning negative once on the 14th of September.

Read Ethereum’s [ETH] Price Prediction 2024–2025

To sum up, Ethereum is enjoying positive market sentiment. If these conditions are maintained, ETH will challenge the next resistance level around $2810 that has proven stubborn in the past.