Ethereum (ETH) Price Can Hit $3K In The Short Term – Crypto News – Crypto News
Connect with us
Ethereum (ETH) price Ethereum (ETH) price

Business

Ethereum (ETH) Price Can Hit $3K In The Short Term – Crypto News

Published

3 years ago

on

The price of Ethereum (ETH) has been making new highs despite the fact that bulls are taking a moment to recover their breath following an incredible run. This gradual movement appears to be laying the stage for a slight pullback, but depending on the price of bitcoin (BTC) and how it behaves, things might very well alter dramatically.

Ether Shows Confidence

According to the most recent data obtained, the total value of all cryptocurrencies has increased by 0.31%, reaching $1.05 trillion. Trading activity has also witnessed an increase of 6.96% to $53.53 billion at the time of writing. The price of Ethereum, on the other hand, recently breached the macro downward trendline. The agreement among market watchers is that a significant amount of buying confidence might be generated for a new uptrend in Ethereum (ETH) prices if the altcoin king is successful in overcoming the lower high of $1,700.

However, in the world of cryptocurrencies, fundamental analysis also plays a vital role apart from the technical aspects. With the total ETH staked on the Beacon Chain reaches over 16 million ahead of the Shanghai upgrade; which is almost 13.4% of the total circulating suppliesEthereum price may set off another run-up. A move along these lines will not change the bearish divergence, but it will enable market makers to collect the buy-stop liquidity that is currently lying above $1,679 and catch the early bears in their trap. And while this chase for liquidity is going on, the price of Ethereum might reach as high as $2,000.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

Ethereum (ETH) Price Surge

Additionally, as pointed out by macro and Bitcoin expert tedtalksmacro, the USD stablecoin has significantly increased in the past 24 hours. Recording almost a $320 million growth in supply, it acts as a potential indicator of higher buying demand by retailers and whales in the crypto market.

On the other hand, the price threshold of $2,000 isn’t the only thing holding Ethereum back from continuing its ascent. A bullish perspective for the short term, even if it is running on fumes, is warranted if the price of Ethereum does decide to go higher. If Bitcoin bulls can make a strong return, this outlook will shift significantly. In such a scenario, there is a chance that ETH will keep climbing higher and possibly breach the coveted $3000 mark. As things stand, the price of Ethereum (ETH) is currently being traded at $1,634. This represents a decrease of 0.44% in the past 24 hours, in contrast to its 5.24% jump during the last seven days, as per CoinGape’s crypto market tracker.

Also Read: DOGE Fan Elon Musk Announces New Feature For Twitter

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending