Ethereum is in a classic accumulation phase after the recent correction and is currently targeting a price of $3,000. After falling to $2,116 just 20 days ago, ETH has experienced a significant price rally, regaining higher levels, suggesting that bullish momentum is building.
This accumulation phase has caught the attention of analysts and investors who are now closely watching Ethereum’s price action for signs of a more significant move up. The rebound from recent lows has sparked renewed optimism, with some market experts predicting that ETH could reach $3,000 in the coming days.
This potential rally is a key milestone in Ethereum’s ongoing market cycle, reflecting its strength and investor confidence in its long-term value. As Ethereum continues to accumulate and consolidate, the market is preparing for what could be a major breakout, setting the stage for recent highs in the near future.
Ethereum price structure suggests upcoming breakout
After a relatively long period of consolidation, Ethereum appears to be poised for a price escalate.
Analyst and Trader Castillo Trader shared technical analysis on Xhighlighting a potential change in ETH’s trajectoryAccording to Castillo, ETH is likely to retest the lower demand level of $2,611 before reaching the significant $3,000 level. The 4-hour chart suggests that this period of consolidation has reached a critical point, a major move may be inevitable.
The $3,000 level is not just a psychological barrier; it also acted as support in recent months before breaking earlier this month, making it a key resistance to break. If Ethereum successfully breaks above this level and consolidates, it could pave the way for a sustained uptrend.
This expected breakout could start a recent bullish phase for Ethereum as the market looks to move beyond the recent period of stagnation and push towards recent highs. Investors and traders are closely watching these events as the coming 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. ETH could retest the lower demand near $2,500 before trying to push towards $3,000. This retest would allow the market to establish a stronger foundation for a sustained uptrend. However, given the recent volatility, there is also a chance that Ethereum could bypass the retest and push towards $3,000.
Variability showed that anything can happen, and the rapid price movements are evidence of this unpredictability. A key technical level to watch is the daily 200% exponential moving average (EMA), currently at $3,026. This EMA is acting as a resistance point, and a break above it would strongly indicate a bullish continuation for Ethereum.
This would confirm the strength if Ethereum were to break through the psychological $3,000 level and close above the 200 EMA. This would solidify the bullish sentiment among traders and investors, setting Ethereum up for a longer rally.
Featured image created with Dall-E, chart from Tradingview.com
