Will Ethereum’s Price Explode to $3K? Three Technical Charts to Watch This Week
ETH may make a new high this year as buyers return to the market.
Key Support levels: $2,500
Key Resistance levels: $2,720, $3,000
1. Buyer Return in Force
Ethereum rallied hard in the past 24 hours, booking an impressive 8% price increase. The current target for this impulse is $2,700, which is also the highest from January. Should sellers return, Ethereum has good support at $2,500.
2. Targets for this Rally
If bulls break above $2,700, then Ethereum might continue on its way to making a new high this year and place it on a clear path toward $3,000, which is the next major target. The momentum indicators also favor a continuation of this price action.
3. Daily RSI Enters Overbought Territory
The ongoing rally has moved the daily RSI above 70 points. While this shows that buyers dominate, it also signals that the price could experience a pullback in the near future. Watch the key resistance levels, as they could bring sellers back.
Ethereum is showing a lot of strength, and a break above $2,700 would encourage buyers to push towards $3,000 before any major correction.
The post Will Ethereum’s Price Explode to $3K? Three Technical Charts to Watch This Week appeared first on CryptoPotato.
