Ethereum is in a classic accumulation phase following its recent correction, targeting a $3,000 price level. After falling to $2,116 just 20 days ago, ETH surged, indicating a rise in bullish momentum.
This phase has attracted analysts and investors closely monitoring ETH's price action. The recovery has sparked optimism, with some market experts predicting ETH could reach $3,000 soon. This rally is a critical milestone, reflecting investors' confidence in Ethereum's long-term value.
Recent technical analysis by trader Castillo Trader highlighted a potential upward trajectory, suggesting ETH might retest lower demand at $2,611 before targeting $3,000. The $3,000 level is both a psychological barrier and recent support, making it a crucial resistance point.
If ETH breaks above and consolidates at $3,000, it could pave the way for a sustained uptrend. Currently trading at $2,743, ETH might retest lower demand around $2,500, establishing a stronger foundation. However, volatility suggests ETH could bypass the retest and push directly to $3,000.
The daily 200 EMA at $3,026 is another critical resistance level. Breaking above it would signal a bullish continuation. Closing above the 200 EMA would solidify bullish sentiment, positioning ETH for an extended rally.
