Ethereum(ETH) Price Jumbles Up Again, Yet the $3000 Target Appears to Be Imminent!

ethereum price

The post Ethereum(ETH) Price Jumbles Up Again, Yet the $3000 Target Appears to Be Imminent! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Ethereum price after maintaining a stagnant descending trend ever since it flipped below the $3000 levels is displaying an interesting set-up. The set-up is intended to provide the second-largest crypto with enough boost to propel back above $3000 levels. Currently, no significant price movement is recorded but the bulls and the bear enjoy equal concentration. 

The ETH price since began with a depleting trend formed three consecutive lower highs and lows. On the other hand, the support levels remain elevated which indicated the formation of a symmetrical triangle. A bullish breakout from the triangle may result in the asset smashing the upper target somewhere around $2882. Further achieving $3000 may not be a tedious job for the asset. 

Also Read: ETH Price To Remain Clutched Under $3000! Has Ethereum’s Network Activity Gone Stand Still? 

The Ethereum price is very close to testing the crucial 50-day MA levels which is just below the strong resistance levels. More than testing it is very important to clear these levels to maintain the bullish momentum. Further, the price may slice through the upper resistance and the MA levels to enter the weekly demand zone. As the price ranges above $3000, investors may jump into uplifting the price towards the demand zone. 

Conversely, in the worst cases, if Ethereum refuses to break through the consolidation, then the price may initially slide below $2500. However, lower levels may be pretty unlikely and may occur only in the case of extreme sell-offs. And hence despite a slightly bearish trend yet the trend appears to be pre-determined towards the north.

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