Ether (ETH) bulls expect a return to the $2,800 level in March, with at least three indicators showing ETH price potential to rise.

Key takeaways:

• On Monday, the price of ether rose by more than 9% to $2,280.

• Many indicators, including the symmetrical triangle, point to a prolonged price rally towards $2,800.

Ether invalidates the bearish chart pattern

On Sunday, Ether’s price action invalidated what initially appeared to be a bear pennant on the daily chart.

Related: The Ethereum Foundation sells $10.2 million worth of ETH to BitMine in an OTC transaction

The ETH/USD pair broke through the upper pennant trend line at $2,100, jumping 9.8% to a six-week high of $2,287. The breakout occurred with an raise in trading volume, which meant greater confidence in the upside.

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

This also increased the chances of a bullish reversal in the shape of a symmetrical triangle.

A symmetrical triangle forms when price makes lower highs and higher lows, tightening in a tightening range. This resolves when the price breaks any of the trend lines and moves the maximum height of the pattern.

In the case of Ether, the measured move above the upper trend line indicates approximately $2,850, or 26% above the current price. The level aligns with the 200-day EMA (purple line) as shown in the chart above.

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

As Cointelegraph reports, a rejection in this case would weaken the breakout and raise the risk of a pullback.

Onchain data limits Ether’s rise to $2,800

ETH is oscillating in a wide range defined by the realized price of $2,350, both up and down, with an MVRV band low of $1,650.

The chart below shows that the recent bounce from the low MVRV band mirrors the market structure observed in Q2 2022, where the price rose above the realized price before being rejected by the first MVRV band just above.

This similarity reinforces the view that the current recovery attempt can be stopped near $2,650, where the first MVRV range is above the realized price.

Glassnode’s UTXO Realized Price Distribution (URPD) analysis showing at what prices the current set of ETH UTXO units were created also revealed a tight supply zone at $2,770-$2,880 that is gradually developing into a cohort of long-term holders. This is where investors purchased over 7.9 million ETH.

This unresolved supply overhang remains a constant source of selling pressure, likely limiting attempts near the $2,800 level.

Meanwhile, a cost-based ETH distribution heatmap shows massive accumulation near $2,800, where over 3 million ETH has previously been purchased, suggesting a potential path to this level in the miniature term.

Polymarket rates for ETH price of $2,800 in March are rising

Polymarket, a cryptocurrency-based prediction market where users trade contracts based on actual performance, is showing a clear bullish turn for Ether in March.

Traders now assign 13% chance of ETH reaching $2,800 in March, up 10% in the last 24 hours. Targets of $2,600 and $2,400 result in even greater confidence 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, suggesting that the crowd is limiting downside expectations.