Ethereum price is up 2.82% today, rising to $2,700. The technical outlook is targeting $3,000 in October, but a correction is also possible in the short term.
Ethereum (ETH) rose 2.82% today from $2,684 to $2,700. Over the last ten days, ETH has ended its weak performance since August with a 10% increase. This increase gives investors hope that ETH could reach $3,000 in October.
There are three main reasons why Ethereum is trading at $2,700 today. First, Bitcoin’s recent breakout of the critical $65,000 resistance level has led to double-digit gains in ETH and other major altcoins. Second, the end of the third quarter of bearish sentiment has contributed to Ethereum’s rise. Third, the volatility of month-end price movements has caused ETH to gain 10% in the last ten days.
Short-Term Correction Expectation
Santiment’s 30-day MVRV (Market Value to Realized Value) data is trading at around 6.5%. We have previously seen corrections in the ETH price between 6% and 10%, which could indicate a possible reversal. In addition, Bitcoin’s poor performance during the weekends and its current loss of $66,000 are leading investors to be cautious.
Ethereum’s daily price chart indicates a range between $2,309 and $2,820. Traders should watch the September 23 high of $2,702; if buyers fail to maintain momentum at this level, a correction in ETH is likely. 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 a retest of the $2,820 upper level.
The outlook for Ethereum is more positive than it was a month ago. While technical analysis supports the potential for ETH to break above $3,000, the risks of a short-term correction are not completely gone. If Ethereum can reach these 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.
