Ethereum price after maintaining a stalled downtrend since dipping below $3000 levels is showing an interesting setup. The setup is meant to provide the second largest crypto with enough momentum to push above the $3000 levels. There is currently no significant price movement on record, but the bulls and bears enjoy equal concentration.
ETH price since starting an exhaustion trend formed three consecutive lower highs and lower lows. On the other hand, support levels remain high indicating the formation of a symmetrical triangle. A bullish breakout of the triangle can result in the asset breaking the upper target somewhere around $2,882. Reaching over $3,000 may not be a tedious job for the asset.
Also Read: ETH Price Will Remain Below $3000! Has Ethereum network activity stopped?
Ethereum price is very close to testing the crucial 50-day MA levels, which is just below the strong resistance levels. Rather than test, it is very important to clear these levels to maintain the bullish momentum. Also, the price may break through the overhead resistance and MA levels to enter the weekly demand zone. As the price breaks above $3000, investors can push the price up towards the demand zone.
Conversely, in a worst case scenario, if Ethereum refuses to break out of the consolidation, then the price may initially drop below $2,500. However, the lower levels can be quite unlikely and can occur only in the case of sell-offs. And therefore, despite a slightly downtrend, the trend appears to be predetermined to the north.
This post Ethereum (ETH) Price Rises Again, But $3000 Target Looks Imminent!
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