3 Signs $2,800 is the next logical target for the Ethereum bulls.

Ether (ETH) bulls are looking to return to $ 2,800 in March, at least three indicators show that the price of ETH may rise.

Main Receptors:

The price of Ether rose more than 9% to $2,280 on Monday.

Several indicators, including a symmetrical triangle, point to an extended price rally towards $2,800.

Ether reverses a bearish chart pattern.

On Sunday, Ether's price action destroyed what had initially looked bearish on the daily chart.

Related: Ethereum Foundation Sells $10.2M Value to BitMine in OTC Deal

The ETH/USD pair pierced the pennant top line at $2,100, jumping 9.8% on Monday to a six-week high of $2,287. His breakup came with a surge in trading volume, indicating a stronger belief behind the rally.

The price also found two key support lines in the form of the 20-day EMA (red line) and the 50-day EMA (yellow line) at $2,072 and $2,210 respectively.

That simultaneously increased the odds of a symmetric-triangle bullish reversal.

A symmetrical triangle is formed when the price makes lower highs and higher lows, squeezing into a tight range. It resolves when the price breaks from both trend lines and moves about the maximum height of the pattern.

In Ether's case, a measured move above the upper trend line points to a 26% upside from the current price to $2,850. As shown in the chart above, the level is aligned with the 200-day EMA (the purple line).

Ether's next hurdle is the 100-day EMA (blue) near $2,500.

As Cointelegraph reports, rejection there weakens breakouts and increases chances of reversals.

Onchain data puts Ether at $2,800

ETH is swinging in a wide range defined by the reversal of $2,350 and the lower MVRV band at $1,650.

The chart below shows that the recent retracement from the lower MVRV band reflects the market structure observed in Q2 2022, where the price rose above the price realized before the rejection of the first MVRV band above.

This similarity reinforces the view that the current recovery attempt may stop around $2,650, which is placed above the price realized by the first MVRV band.

Glassnode's Adjusted UTXO Realized Price Distribution (URPD) shows at what prices the current batch of ETH UTXOs were created, with the dense supply zone at $2,770-$2,880 slowly maturing into a long-term holding set. This is where investors bought over 7.9 million ETH.

This unresolved supply glut will remain a source of ongoing selling pressure, potentially reducing tests around $2,800.

Meanwhile, the ETH cost-base distribution heat map shows heavy accumulation around $2,800, where more than 3 million ETH were previously bought, suggesting a path to this level in the short term.

Polymarket's opportunity has risen to 2,800 ETH in March.

Polymarket, a crypto-based prediction market where users trade contracts on real-world outcomes, is showing a clear bullish turn for Ether in March.

Traders now assign a 13% chance of ETH reaching $2,800 in March, a 10% increase over the past 24 hours. The $2,600 and $2,400 targets result in stronger convictions at 32% and 69%, respectively.

At the same time, the probability of ETH price reaching $1,800 and $1,600 in March is lower than before, which suggests that the public is lowering expectations.