Home » Ethereum Price Prediction: Key Obstacle in ETH’s Path to Reclaim $3K Mark

Ethereum Price Prediction: Key Obstacle in ETH’s Path to Reclaim $3K Mark

Ethereum Price Prediction: Key Obstacle in ETH’s Path to Reclaim $3K Mark

Ethereum Price Prediction: The ETH price potential breakout from a 50% retracement level will accelerate buying pressure for sustainable growth.

Published 10 mins ago

Ethereum Price Prediction:  After Grayscale’s GBTC outflow slowed down, the overall market saw a reduction in selling pressure, sparking a relief rally across cryptocurrencies. This change in market dynamics, coupled with increased buying interest, allowed the Ethereum (ETH) Price to recover from its local support level of $2170 in late January.

Within the last two weeks, the coin price surged 6% to current trade at $2300. With Ethereum’s Dencun upgrade progressing at a steady pace, the coin value is likely to develop the current reversal in a more sustainable recovery.

New Found Support Bolster ETH Price to Hit $2700

  • The Ethereum’s Fear and Greed index at 55% reflects the market sentiment remains neutral
  • The supply pressure at $2390 may trigger a sideways action in ETH price for the coming week
  • The intraday trading volume in Ether is $5.09 Billion, indicating a 34% gain.
Ethereum Price PredictionEthereum Price Prediction
Ethereum Price Prediction| TradingView Chart

The Ethereum price correction witnessed a surge in demand pressure at $2170 monthly support above the 50% retracement level. This healthy pullback and improved market sentiment triggered a positive turn to $2390 this week.

During this surge, the much-anticipated Dencun upgrade was deployed on the Sepolia testnet. This hard fork introduces “proto-danksharding,” a feature designed to improve scalability and lower transaction fees for Ethereum users. 

Once fully implemented, the Dencun upgrade is poised to substantially boost Ethereum’s network, potentially supporting over 100,000 transactions per second. The last test phase before Dencun goes live on the Ethereum mainnet is the Holesky testnet, set for February 7, 2024.

This fundamental growth should bolster a natural growth in ETH price and return back to the recovery trend. Therefore, for the buyers to get a better conviction of recovery, they must break the key overhead resistances of $2390 and the 50% retracement level of correction at $2410.

The post-breakout rally may surge the Ether by over 10% to rechallenge the last peak of $2700. This level stands as the next key barrier before buyers reclaim the $3000 milestone.

  • Exponential Moving Average (EMA): The 100-day EMA slope continues to act as strong dynamic support for ETH during minor pullbacks.
  • Vortex Indicator: The VI+(blue) and VI-(pink) in a bearish crossover state reflect the correction trend is still active.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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