Is Ethereum Price Heading to $3000?
The Ethereum (ETH) price has been on a bullish trend, possibly due to the recent launch of the first spot Bitcoin ETF in the US market. Surprisingly, ETH has outperformed Bitcoin with a 17.7% weekly growth. The price has broken above the $2430 level, indicating potential for further recovery.
Key Support To Watch in Market Correction
Currently, ETH is trading at $2,565 and experiencing a slight retracement. The previously surpassed resistance level of $2,400 now serves as support. If the price remains above this level, it could continue to rise towards targets of $2,700, $3,000, and $3,281.
In case of a correction, pay attention to the ascending trendline as it may provide an opportunity for a strategic pullback.
Technical Indicators
- Bollinger Band: An uptick in the upper boundary of the Bollinger Band indicator suggests buyer dominance.
- Average Directional Index: The daily ADX value of 19% indicates that the last correction has recovered exhausted bullish momentum.
Hot Take: Ethereum’s Bullish Momentum Continues
Ethereum has shown significant bullish momentum recently, surpassing Bitcoin’s performance amid the approval of a Bitcoin ETF. With the potential for a Spot Ethereum ETF in the future and support from influential figures like Larry Fink, Ethereum’s value could see substantial growth. Keep an eye on key support levels during market corrections and consider taking advantage of strategic pullbacks. Overall, Ethereum’s upward trajectory suggests continued bullish sentiment in the crypto market.
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