Ethereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst
Ethereum has experienced a long period of consolidation, below key resistance levels, working hard to find momentum as it continues to trade sideways. Prices in the past week ranged from $2,650 to $2,750, creating uncertainty in the short term. Investors are increasingly worried about its ability to recover as ETH faces sales pressure and cannot recover its $2,800 mark.
Related Readings
Despite recent stable price action, some analysts believe Ethereum may be ready for bullish action. Crypto expert Carl Ununefelt shared a technical analysis on X, pointing out that Ethereum has been forming a bullish pattern over the day-to-day time frame. If this pattern appears, ETH will see a strong breakthrough in the coming days.
Ethereum holds a crucial demand Levels make the next step crucial to its short-term direction. If the buyer stepped in and recouped the $2,800 level, it could indicate a trend reversal and opened the door to a rally of more than $3,000. However, failure to hold support may lead to further disadvantages, thereby increasing sales pressure. With uncertainty looming, traders are closely watching ETH’s price action to confirm its next move.
Ethereum consolidation continues
Ethereum investors are trying to remain calm during the ongoing volatility, but fear continues to develop, and ETH may see it further if it fails to return to key levels. Prices are still in trouble, trading between short-term demand and key liquidity levels of supply. Divergence in market sentiment – Some investors expect deeper corrections and long consolidation, while others believe Ethereum is on the verge of resuming rally.
Runefelt’s analysis of X Point out that Ethereum is forming a symmetrical triangle pattern and may break “any hour now.” According to Runefelt, the target of such a potential breakthrough is $3,055, a level that could serve as a turning point in the short-term trend of ETH. However, Ethereum must first reclaim the $2,800 mark and hold it above it to confirm the beginning of the recovery phase.
If Ethereum succeeds in surpassing this resistance, it could trigger strong rally, thus bringing prices back to the $3,000 level. On the other hand, not holding support could lead to another wave of sales pressure. With uncertainty looming, everyone is watching ETH as traders await confirmation of their next major action.
Related Readings
With Ethereum trading at a critical juncture, the coming days will be crucial to identifying its short-term direction. If the Bulls maintain momentum and raise the price above key resistance levels, confidence in the recovery of the rally will grow.
Price test short-term supply
After nearly two weeks of hard work to recover the $2,700 level, Ethereum is trading at $2,750. Even though the Bulls remain above the critical support level, ETH is still below the critical resistance, which makes the price direction uncertain. The most critical level that the Bulls have to recover is the $2,800 mark, which has been a strong supply zone for weeks.
If Ethereum shuts down above the $2,800 level and above it, bullish momentum may accumulate, leading to a breakout. The next major goal is the 200-day moving average, about $2,930. The push above this moving average will indicate strength and open the door for the ETH test $3,000.
Related Readings
However, if ETH fails to exceed $2,800 and faces rejection, the market may see new pressure on sales pressure. This situation could bring ETH back to the $2,600 level, thus testing areas with lower demand. As Ethereum trading tightens its scope, a breakthrough or segment is about to occur. The bulls need to step up their efforts and quickly recover the lost ground, or the bears may control and push ETH toward lower price levels. The next few days of closure will be crucial to identifying the short-term direction of Ethereum.
Featured images from DALL-E, charts from TradingView
