"Ethereum breaks through bottleneck: $3,000 mark is within reach?" If you still have 60 or 70 ETH in your hands, this article will be very helpful to you!
Ethereum rose by more than 3.89% at once, breaking through 2,700 last night, finally breaking through the 11-week consolidation period. This key jump may mean a big turnaround, and it may push ETH to $3,000. This breakthrough shows that buyers have broken through the important resistance line, and with the big guys hoarding ETH, it looks like the rise is quite fierce.
Does this breakthrough of Ethereum mean a rebound?
Since the beginning of August, the price of Ethereum has been swinging back and forth between $2,200 and a certain resistance level, forming a symmetrical triangle trend. This kind of look is generally the market accumulating strength and preparing for the next move. Now that the price of Ethereum has broken through the upper trend line, it seems that buyers are beginning to gain the upper hand.
As the “October rally” swept the cryptocurrency market, ETH rose from $2,328 to $2,700, an increase of almost 17%. The price is also rushing above the Bollinger Bands, which looks like a good situation, and buyers have the final say. If this momentum can continue, ETH may be able to soar to $3,375 after the rebound, which is a 26.5% increase.
However, it should be reminded that the 6.5% increase in MVRV may mean that some short-term buyers are cashing out. In the past, when MVRV rose, the market may have reached its peak because everyone wanted to sell and leave. If this is the case, Ethereum may pull back before rushing to $3,000.
If Ethereum fails to stabilize this breakout and falls back into the triangle, the selling pressure may increase. In this case, it may take a long time to consolidate, and the rebound will be delayed, and ETH will have to stay below the resistance level for a longer time.
It is a good thing that Ethereum broke through the 11-week consolidation. If buyers can keep up this momentum, ETH may reach $3,000 or even higher. However, traders still have to be careful. If someone cashes out, the market will fluctuate greatly and a correction will come.
In the next few days, it depends on whether Ethereum can maintain its current strength or whether it will adjust again.
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