The price of Ethereum is resisting to maintain the level of $3000... Is $3700 the next target?
The price of Ethereum (ETH) is currently trading above the level of $3000, trying to maintain stability above this important range that previously formed resistance.
Analysts see this level as potentially turning into a new support base that paves the way for an attempt to rise towards the $3700 area.
Despite the currency's decline of about 3% over 24 hours, its weekly performance remains positive with an increase of nearly 5%, amidst a daily trading volume of $24.2 billion.
Analyst Michael van de Poppe indicates that the price reclaiming the $3050–3150 area is a signal for early buyer entry, making $3700 the nearest target if the price maintains this support.
Conversely, failure to hold above current levels could push Ethereum to closer support areas at $2630 and $2400, especially with the price action remaining consolidated and the relative strength index rising.
Analyst Ali Martinez sees that the bigger picture depends on surpassing the $4800 level, which represents a central resistance before considering higher ranges like $6800 and $8800.
He adds that reaching far levels like $62,000 remains tied to the strength of momentum and confirmation of breakouts.
Meanwhile, Clifton FX clarifies that the price has exited from a descending wedge pattern, with a short-term target approaching $5000 if the current path continues.
Merlijn The Trader also pointed out a bullish crossover in the MACD indicator on the daily timeframe for the first time since September, after the price maintained support at $2700–2900 and rose later to $3200.
He sees that the $3900 area constitutes a pivotal resistance, and surpassing it could open the door to a complete bullish reversal, especially with the price trading above moving averages and increased trading volumes.
On the sentiment front, analyst known as CryptoWZRD noted that ETH and ETHBTC closed neutrally, with the latter pair remaining above an important trend line.
$3700 remains the most significant resistance, while the main support is stable near $2800.
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