Ethereum (ETH) Remains Attractive — Will it Hit $3K Soon?

Ethereum (ETH) Remains Attractive — Will it Hit $3K Soon?
  • Ethereum stays attractive and is in a bullish state. 
  • ETH price moves above the moving average.
  • With the further developments and upgrades, ETH will reach $3k soon.

Ethereum (ETH) stays attractive and is in a bullish state. According to CoinMarketCap, the ETH price is at $2,512.67, with a 24-hour trading volume of $23,899,148,635, at the time of writing.

ETH/USDT 50-MA, 200-MA, RSI (Source: TradingView)

Currently, ETH is in a bullish state. Moreover, ETH price moves above 50 MA (short-term), and 200 MA (long-term). Moreover, there is a high possibility of ETH price to remain bullish in upcoming days. 

As shown in the above chart, RSI remains at 64.10. This shows that ETH’s price is in a nearly overbought state. However, this indicates that traders should trade carefully, however, major price reversal can take place. 

ETH started a fresh price surge above the $2,600 level recently. In addition, the ETH price even broke the $2,650 psychological resistance, but there was no real bullish momentum and drops below. This may also be due to the delay of Ethereum 2.0

ETH/USDT Price Chart (Source: TradingView)
  • Resistance Level 2 – $2,918
  • Resistance Level 1 – $2,649
  • Support Level 1 – $2,424
  • Support Level 2 – $2,152

The above chart shows the bullish channel trend pattern of Ethereum. The ascending channel pattern is the price action that occurs between the upward and downward trendlines. In addition, higher highs and higher lows constitute this price pattern.

In the daily time frame chart, it is possible for ETH to reach $2,918 if the bull trend continues. Or else, if the price of the ETH breaks the resistance level of $2,649, it will fall to the next support level at $2,424. With the further developments and upgrades, ETH will reach $3k soon. 

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.