Ethereum price is trending within a pattern and a breakout may escort the price above $3000
Despite the fact that the price may propel high, it is still vague whether the current zones are buying zones or no
‘Buy Ethereum If It Breaks These Levels’
Ethereum price is showing some indications of a strong bull run approaching very fast. The price after a great brawl pierced above $2500 levels in the past trading hours. However, the price movements in the recent past suggested a slight pullback was quite possible. To everyone’s surprise, the ETH price thrashed the $2600 levels before a slight pullback.
The ultra bullish trend points out towards a mega uptrend incoming for the asset in the coming days. And hence, many traders may have jumped in action to accumulate more at the discounted prices. But this analyst has a completely different scenario for the Ethereum price. The analyst asks to wait for some more time before buying.
The analyst with the chart displays the buying range of the asset. According to the chart, the price is trending within an ascending triangle, close to the resistance zone. And hence a notable surge or a drastic plunge may be the possible outcomes. And hence, the analysts suggest waiting for the price to break the upper levels of the triangle before making ‘a buy’.
Further, the target is also mentioned initially at $2840 which is also a pivotal zone for the price to hold. Later surpassing $3000 becomes imminent and eventually head towards its All-time high would be the only option left. However, in the worst cases, if the price fails to clear the resistance zone currently, it may fall within the support levels of around $2400.
Also Read: An Extreme Bullish Case Emerges For Ethereum Price, Is $6000 Nearby?
Ethereum Price May Follow Bullish Trend!
Despite the probabilities and possibilities, yet many analysts predict a bullish scenario for the ETH price. It is all because of some pointers that suggest an uptrend may be on the cards and hence the price may eventually surge high.
As recorded by one of the popular on-chain analysis platform, Santiment, the ETH whale address count stays close to its all-time high. Even if the previous month’s market crash did not impact the address count of whales who hold ETH in between 10K to 100K, it is a clear indicator for an incoming uptrend.
However, the Ethereum price is currently trending in a decisive phase where-in the very next price movements may decide the further plan of action. And keeping aside the short term fluctuations, yet many believe ETH price is poised to hit $3000 initially before a mega rally towards ATH. Therefore wait and watch before accomplishing an Ethereum buy!