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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 23, 2024 10:32 UTC
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With the crypto market bull run gaining momentum, Ethereum price targets $3,000 as it surpasses the $2,500 level.
As the crypto market approaches the $2.20T market, Bitcoin eyes $64K, and Ethereum shows a bull run gaining momentum this week. Following the 7.53% run last week and a 5.8% jump a week before, the Ethereum price surpasses the $2,500 psychological mark.
Will the recovery rally in Ethereum surpass critical levels to reach $3,000 before October? Read our Ethereum price analysis now to learn more.
Ethereum Price Analysis
In the daily chart, the Ethereum price action reveals a falling wedge pattern breakout gaining momentum over the past seven days. The ETH price has managed to score six bullish candles, accounting for a price jump of 15.67%.
As the uptrend surpasses the 23.60% Fibonacci level and the 50-day EMA, Ethereum’s price currently trades at $2,654. With an intraday gain of 2.91%, the biggest altcoin sustains dominance above the 23.60% Fibonacci level.
As the bullish trend gains momentum, the uptrend is likely to challenge the 200-day EMA near the 38.20% Fibonacci level at $2,860.
In the weekly chart, the Ethereum price action shows a pullback phase, taking a reversal from the 200-week EMA. With low price action from the dynamic support, the bullish reversal tests the 50-week EMA.
https://www.tradingview.com/x/ycOooxQ5
Further, with a V-shaped reversal, the uptrend in the Ethereum price nearly challenges the 50% Fibonacci level in the weekly chart at $2,850.
Technical Indicators:
EMA: The uptick in the 50D increases the likelihood of a golden crossover with the 200D EMA.
RSI: The RSI line in the daily chart is close to approaching the overbought boundary line as it surpasses the 50% level. Meanwhile, the RSI line in the weekly chart takes a bullish reversal before hitting the oversold boundary from the 37.84 level.
Will ETH Price Cross $3,000?
With the turnaround rally from the 200W EMA, Ethereum surpasses crucial resistances in the daily chart. Based on the Fibonacci levels, the Ethereum price reversal approaches the 38.20% Fibonacci level at $2,860.
Furthermore, the uptrend in the ETH price is likely to target the $3,091 and $3,321 mark. Conversely, ETH’s support levels are at $2,500 and $2,100.
Wondering if the bull run in Ethereum price will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
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