Ethereum is in a classic accumulation phase after the recent correction and is now targeting $3,000. After falling to $2,116 just 20 days ago, Ethereum has seen a significant price surge, recovering to higher levels, indicating increasing bullish momentum.
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This accumulation phase has caught the attention of analysts and investors alike, who are now closely monitoring Ethereum’s price action for signs of a more significant move higher. The recovery from recent lows has sparked renewed optimism, with some market experts predicting that Ethereum could reach $3,000 in the coming days.
This potential surge marks a milestone in the ongoing Ethereum market cycle, reflecting its strength and investor confidence in its long-term value. As Ethereum continues to accumulate and consolidate, the market is poised for what could be a major breakout, paving the way for new highs soon.
Ethereum price structure indicates an upcoming breakout
After a relatively long period of consolidation, Ethereum appears to be ready to move towards higher prices.
Castillo Trader Analyst and Trader I participated Technical analysis on Xhighlighting a potential shift in ETH’s trajectory.According to Castillo, Ethereum is likely to retest the low demand at $2,611 before targeting the important $3,000 level. The 4-hour chart suggests that this consolidation period has reached a turning point, and a significant move could be imminent.
The $3,000 level is not only a psychological barrier; it has also acted as support in recent months before collapsing earlier this month, making it a crucial resistance to break. If Ethereum manages to break and consolidate above this level, it could pave the way for a sustainable uptrend.
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This expected breakout could start a new bullish phase for Ethereum as the market looks to overcome the recent slump and push towards new highs. Investors and traders are closely watching these developments as the next few days could be crucial in determining Ethereum’s direction.
ETH Technical Analysis
Ethereum is trading at $2,743; its next move could go either way. Ethereum could retest the low demand around $2,500 before attempting to push towards the $3,000 mark. This new test would allow the market to establish a stronger foundation for a sustainable uptrend. However, given the recent volatility, there is also a chance that Ethereum could break out to retest and push towards $3,000.
Volatility The price has shown that anything can happen, and the rapid price movements are a testament to the unpredictability. The crucial technical level to watch is the 200-day exponential moving average (EMA), which is currently at $3,026. This EMA is acting as a resistance point, and a break above it would strongly suggest that Ethereum’s bullish momentum will continue.
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This will confirm the strength of Ethereum if it breaks the psychological level of $3,000 and closes above the 200 EMA. This would reinforce bullish sentiment among traders and investors, putting Ethereum in a position to continue rising for a longer period.
Featured image created using Dall-E, chart from Tradingview.com