Ethereum price rose by 2.82% today to $2,700. Technical analysis predicts a target of $3,000 in October. However, there is also a possibility of a correction in the short term.
Ethereum (ETH) is currently trading at $2,694 and has broken out of its weak performance since August, with a 10% increase over the last ten days. This increase is raising investors’ hopes that ETH could reach $3,000 in October.
Three main factors contributed to Ethereum reaching this price level:
Bitcoin’s rise to $65,754, breaking the critical $65,000 resistance level, led to double-digit gains in ETH and other altcoins.
The end of the Q3 downtrend contributed to Ethereum’s rise.
Month-end price movements are often volatile, leading to ETH gaining 10% in the last ten days.
Short-Term Correction Expectation
The 30-day MVRV data shared by Santiment is around 6.5%. Previously, corrections in the ETH price were observed between 6-10%, which may be a sign of a possible reversal. In addition, Bitcoin’s generally weak performance during the weekends and its loss of $ 66,000 at the time of writing are leading investors to be cautious.
Ethereum’s daily price chart shows a range between $2,309 and $2,820. Traders should pay attention to the September 23 peak of $2,702; if buyers fail to maintain momentum at this level, ETH price could see a correction. In this case, Ethereum could pull back to the demand zone between $2,252-$2,440.
Given that October has historically been bullish for crypto markets, traders can take advantage of these dips and look for buying opportunities before testing the $2,820 upper level.
The outlook for Ethereum is more positive than a month ago. Technical analysis supports the potential for ETH to break above $3,000, but the risks of a short-term correction are not completely gone. If Ethereum reaches the set price targets, investors can also focus on the next critical levels of $3,352 and $3,497.
The possibility of Ethereum breaking the $3,000 barrier in October seems reasonable considering current technical analysis and market dynamics. It is important for investors to be careful about volatility in price movements and follow market trends well.
