2023-06-23 02:04:39
© Reuters Ethereum Could Jump Close to $3,000, Says Analyst
CriptoFácil – The () appreciated more than 14% in the last week amid the good news coming from the traditional finance market (TradFi) in relation to cryptocurrencies. This rise took the price of the largest altcoin on the market to $1,880 (R$8,960) – one of the highest ETH prices in recent months.
This appreciation made the Ethereum chart display a bullish pattern that indicates that the cryptocurrency can get closer to the $ 3,000 level (R$ 14,300). If this happens, it will be an appreciation of almost 60% compared to the current price.
Ethereum em high
The analysis in question is by analyst Akash Girimath. He noted that the Ethereum price has shown resilience in recent months, fluctuating between the psychological levels of $1,000 and $2,000.
“During that period, ETH has set nearly four equal highs and four higher lows. Connecting these wobble points using trendlines reveals an ascending triangle setup,” he said.
As Girimath stated, the current Ethereum technical formation predicts a rally that will break the horizontal resistance to $2,000. Then the cryptocurrency can follow the trend and reach $2,915
“The $2,915 target is obtained by adding the measured distance to the breakout point,” Girimath said.
However, the analyst noted that the rally might be stopped prematurely at the $2,439 price hurdle. Still, that would represent a total gain of nearly 28% from its current price of around $1,900.
On the other hand, Girimath pointed out that if the Ethereum price produces a three-day candle near the $1,639 support level, it will create a lower low and invalidate the bullish thesis for ETH.
“Such a development could cause the altcoin to revisit the psychological $1,500 level. Thus, in the worst case scenario, the price of Ethereum could drop to the $1,368 recorded on March 8,” he concluded.
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