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<p>Ethereum (ETH), the world’s second-largest cryptocurrency by market cap appears bullish and is poised for a notable upside rally due to its bullish price action and favorable on-chain metrics. In addition to this, whales and investors have moved a significant amount of ETH from the exchanges in the past week.</p>   
<h2 class="wp-block-heading" id="h-fall-of-ethereum-exchange-reserves"><strong>Fall of Ethereum Exchange Reserves</strong></h2>   
<p>According to the on-chain analytics firm CryptoQuant, Ethereum’s exchange reserves have dropped from $42 billion to nearly $38.5 billion, a decline of approximately $3.5 billion. This significant decline in the exchange reserve suggests a potential sign of accumulation or acquisitions by whales or investors.</p>   
<figure class="wp-block-image aligncenter size-large is-resized">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/29031012/Ethereum-Exchange-Reserve-USD-All-Exchanges-2048x1152-1.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/29031012/Ethereum-Exchange-Reserve-USD-All-Exchanges-2048x1152-1-1024x576.png" alt="" class="wp-image-373504" style="width: 100%;height:auto"></a>
 <figcaption class="wp-element-caption">
  Source: CryptoQuant
 </figcaption>
</figure>   
<p>Additionally, the decline in exchange reserves has occurred near a strong support area, where ETH is currently trading.</p>   
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming-levels"><strong>Ethereum Technical Analysis and Upcoming Levels</strong></h2>   
<p>According to expert technical analysis, <a href="https://coinpedia.org/price-analysis/bitcoin-and-ethereum-weekly-price-prediction-will-bulls-ignite-a-rally-this-week/" target="_blank" rel="noreferrer noopener">ETH appears bullish</a> and is moving within a bullish channel pattern, while forming higher high and higher low. Currently, ETH is at the lower boundary of the pattern, forming a higher low.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/29031110/ETHUSDT_2024-10-29_03-10-51.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/29031110/ETHUSDT_2024-10-29_03-10-51-1024x448.png" alt="" class="wp-image-373505"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the historical data and price correction, there is a strong possibility that the asset could jump by 12% to reach the resistance level of $2,800 in the coming days. In fact,&nbsp; this level serves not only as resistance but also aligns with the 200-day <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) and the upper boundary of the bullish pattern.</p>   
<p>This bullish thesis will only hold if ETH remains above the $2,400 level, otherwise, it may fail.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h2>   
<p>ETH's positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/ETH" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, ETH’s long/short ratio currently stands at 1.36 over the past four hours, indicating strong bullish sentiment among traders. During the same period, 57.76% of top traders opened long positions, while 42.24% opened short positions.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/29031200/image-104-283.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/29031200/image-104-283-1024x274.png" alt="" class="wp-image-373506"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>ETH’s open interest has jumped by 4.9% over the past 24 hours and 3.1% over the past four hours. This rising open interest suggests growing trader interest in the asset, leading to the formation of new positions.</p>   
<p>While examining bullish on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and may continue to support it in the upcoming rally.</p>   [post_titles_links postid="51195"]   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, ETH is trading near the $2,520 level and has experienced an upside rally of 1.20% over the past 24 hours. During the same period, its trading volume has jumped by 90%, indicating heightened participation from traders and investors amid a potential upside rally.</p>

Ethereum Bull Run Imminent? $3.5 Billion ETH Leaves Exchanges

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