After trading on the sidelines for the entire week, Ethereum (ETH) begins to consolidate. However, the coin still has a lot of promise, and we could see a crucial break in the coming days.
The coin has been facing a lot of challenges over the last few months, as it struggles to maintain its price above $3000. Despite this, many analysts believe that Ethereum may rebound back up to $3800 or higher soon. The following are some of the facts:
- The bulls are continuing to press their advantage, with ETH/USD struggling to hold above $3000.
- Ethereum, on the other hand, is trading near a critical support level.
- The cryptocurrency may break out and perhaps aim for $3800 in the near term.
Ethereum’s journey to $3800
Despite strong pressure to sell at the start of trading this week, ETH has been able to maintain itself above the crucial $3000 mark.
The currency, on the other hand, is consolidating and may break out in the near term after a period of sideways movement.
Several factors could contribute to Ethereum’s rebound to $3800.
For one, the bulls remain firmly in control of the market, and Ethereum has shown signs of resilience even as other cryptocurrencies have plunged.
Additionally, Ethereum is currently trading at a critical support level and may break out soon as buyers re-enter the market
The primary objective for bulls is to have a quantum leap through the $3125 resistance level. When this occurs, ETH is likely to keep growing, pushing it towards $3800.
However, if the $3000 mark is broken, the coin will most likely descend further to $2700 before attempting to recover.
Ethereum’s bulls have their work cut out for them, but if they can maintain the current level or push higher; the $3800 target is achievable.
Momentum signals are neutral at the moment, but the RSI is heading in a more favorable direction. We anticipate that the RSI will turn bullish in the days ahead.
Despite this forecast, it’s worth noting that ETH’s upward momentum has been capped at $4000. Even though the coin has a chance of testing at $4,000 in weeks
Ethereum is trading at $2968 at press time.
ETH’s bulls have been fighting to keep the price above $3000 for the past few days, but they have so far been unsuccessful. The coin has dipped below this key level multiple times but has managed to recover each time.
trading ETH in this setup?
The key price objective for the watch is $3000 and $3800. If ETH prices stay above $3000 after the close of trading today, you may buy and wait for the breakout to continue higher.
Ethereum will likely rebound back to, or even test, $3800 over the coming weeks. On the other hand, a move below $3000 could indicate that Ethereum is headed lower in the short term.
In this case, you may want to consider selling your ETH and looking for opportunities elsewhere in the cryptocurrency market.
If the $3000 mark is broken, investors should wait until ETH levels fall to around $2700 or thereabout before buying. As for $3800, this is the cap of our prediction. After trading above $3800, we anticipate ETH to fall once again, so exit your position before then.
Overall, Ethereum is showing great potential for growth in the long run, so it’s worth keeping an eye on. So don’t miss out on this exciting opportunity and stay tuned for updates!