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Ethereum Picks up Pace! ETH Price to Hit $30k by May 2022, Here’s how

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The price of Ethereum has risen beyond the $3,500 resistance level. Above the $3,550 level and the 100 hourly simple moving average, ETH was able to gain ground.

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On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance near $3,475 throughout the rise. The two even broke through the $3,600 barrier. Near $3,628 a high has formed, and the market is presently reversing gains.

It is now consolidating near $3,500. Near the $3,550 mark, there is immediate upside resistance. The $3,575 level is the first big resistance. The next big resistance mark is about $3,600, above which the price may move higher. In the above scenario, the price may potentially grow to $3,700. The next significant level could be $3,800.

However, If ethereum fails to rise above the $3,550 and $3,575 resistance levels, a new negative correction could begin. On the downside, $3,500 serves as an initial support level.

Ethereum to Run up 730%!

Justin Bennett, a crypto investor, and analyst is speculating on a positive “what if” scenario in which Ethereum rises over 700 percent in the next months.

The analyst shows his 72,000 followers a chart that shows ETH trading in a massive upward channel that started in March of 2020.

ETH recovered off the bottom near $2700 on Bennett’s chart and is currently grinding its way up to the channel top. If the plan comes to fruition, Ethereum may be trading at $30,000 by May 2022, when it reaches the top of Bennett’s ascending channel.

According to CoinGecko, the current price of ETH is $3,589, representing a 735 percent increase.

According to the analyst, the altcoin market as a whole may be offering some wonderful possibilities. He believes that as long as Bitcoin maintains its positive momentum, altcoins such as VeChain (VET), a decentralised supply chain management platform, might see another leg higher.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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