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Can ETH hit the $3,000 mark next?


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Ethereum's price has recently entered a downside correction, dropping from the $2,750 resistance level. After trading below key support levels at $2,700 and $2,650, ETH now finds itself in a short-term bearish zone. The price hit a low of $2,605 and is currently consolidating. For traders and investors keeping an eye on the market, the ETH price prediction points to potential resistance around $2,700. A break above this level could signal a move toward $3,000, while further declines could test the $2,500-$2,550 range.

Here’s a quick breakdown of the current market scenario for Ethereum:

  1. Short-Term Movement: ETH saw a slight recovery, moving above $2,620. However, it remains below the 100-hourly Simple Moving Average and is struggling to gain bullish momentum, especially near the $2,650 resistance level.

  2. Key Resistance Levels: The price is facing significant hurdles at $2,650 and $2,700. The latter aligns with the 50% Fibonacci retracement of the downward move from $2,757 to $2,605.

Also Read: Ethereum Classic Price Prediction 2024-2030: Will ETC Price Cross $50?

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  1. Market Outlook: Analyst Michaël van de **** highlighted that despite this correction, Ethereum could still maintain a bullish trend even if it dips to the $2,500-$2,550 range. A break above $2,700 might propel ETH toward the $3,000-$3,200 range, which could boost the altcoin market.

  2. Trader Sentiment: According to Coinglass, Open Interest, an indicator of market sentiment, has dropped by 2.89% to $13.56 billion. This decline suggests that traders are predominantly positioning themselves to short the asset, potentially increasing selling pressure.

Despite the current bearish outlook, Ethereum’s long-term trend remains hopeful if it can break the $2,700 resistance. Keep an eye on price movements for a clearer direction.

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