Ethereum (ETH) Price Rebounds From Lows, Displays Possibility of a Bullish Upswing Targeting $3000

The recent recovery revives the hopes for a bullish upswing which may elevate the levels beyond $3000 if the bulls maintain strength

Ethereum price displayed mixed signals during the previous day’s trade, indicating the possibility of a bearish continuation. However, the recent recovery revived hopes for a bullish upswing.

The recent upswing in the crypto space has been closely monitored by traders, especially with the top cryptos, Bitcoin & Ethereum, displaying remarkable strength. But, despite the bullish divergence, the tokens remained under bearish influence for a while. This suggested that the price of Ethereum may drop back to $2000 as the bulls displayed weakness, being incapable of elevating the levels above $2700. But, the latest upswing has revived hopes of reclaiming $3000 back which may pave the way for a continued ascending trend for the rest of the month.

The ETF flows overview displayed constant outflows which kept the token under pressure. It took two weeks after the spot BTC ETF was launched before BTC bottomed and started up which is missing from the ETH price rally. From a wider perspective, the ETH price appeared to be compressed under bearish influence. However, the token pulled back to its last support which sets the stage for another 4x to 5x rally in the coming days as the traders now expect the price to soar to $3000 or $3500.

The recent rise has made the traders optimistic about the upcoming move as they are now looking for a target of $3000 or $3500. As per the data from Santiment, the social dominance of Ethereum soared as the traders displayed a sudden increased excitement of potential $3000 or $3500 being the interim target. However, traders also expect a significant rise in BTC price to $70,000 to $75,000 as the token rises back above $61,000.

Ethereum (ETH) Price Analysis: Aiming For $3000 This Week?

Ethereum price received a significant bullish push during the previous day’s trade which lowered the probability of testing the support at $2000. The bearish action indicated less involvement which is a sign of concern as they may be preparing for a larger price action, probably at $3000. However, the ETH price is required to rise above the interim resistance which acted as a strong support for over 4 months.

After the recent rebound, the bulls have been displaying weakness since the early trading hours as the price has remained stuck below the interim resistance at $2682. The RSI has displayed a divergence after rebounding from the lows but the MACD shows a drop in the selling volume. Hence the possibility of a bullish continuation remains high but until the buying pressure supersedes, the ETH price may remain consolidated between $2600 and $2800 for a while.

Therefore, reaching $3000 this week could be a tedious job for the Ethereum (ETH) price but an unexpected turn may turn the tables for the token.

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