Will Ethereum (ETH) Price Hit $3,000 This Week?
Ethereum price received a significant bullish boost in the previous day’s trading, which reduced the likelihood of a test of the $2,000 support level. Bearish action indicates low participation, which is a worrying sign as they may be preparing for larger price action, possibly $3,000. However, ETH price needs to break above temporary resistance, which has been a strong support over the past 4 months.
After the recent bounce, bulls have been on the sidelines since early trade as the price has been stuck below temporary resistance at $2,682. The RSI diverges after bouncing off its lows, but the MACD shows declining selling volume. Therefore, the likelihood of a bullish continuation remains high, but ETH price is likely to remain between $2,600 and $2,800 for some time until the buying pressure fades.
So it might be a tall order for Ethereum (ETH) to reach $3,000 this week, but an unexpected twist could turn things around for the coin.
