Ethereum suddenly got a bout of buying pressure, breaking over the $2.8K resistance that used to serve as a major area of support. Currently, the price is retesting the $2.8K zone as a possible support to continue further upward. Today’s movement follows a very spontaneous rally that stopped short near the $3K mark that caused buying momentum to cool.
Some analysts are already predicting that Ethereum’s price will fall retake the $2.8K figure. This prospective drop is being fueled by a large liquidation cluster located in that region. A robust liquidity pool floor base above the $3K level can trigger a quick medium term bullish breakout. This increase would help get there just over the profit line.
After running all the way up to $3K, the recent rally met some resistance and has spent the last couple of weeks consolidating. It now appears that Ethereum may need to correct in the near term. Potential targets for this correction fall inside the 0.5-0.618 fibonacci retracement levels.
At the moment, ETH is still on the fence in a key zone between $2.8K and $3.3K. If bulls get a strong retest of this $2.8K support, it could be the beginning of the next upward wave. This action could push the market price of the $CRYPTO toward $3.3K and higher. Regardless of this expected consolidation, the very bullish trend overall for Ethereum is still quite intact.
Ethereum is preparing for the biggest upgrade since its inception. If it’s able to successfully breach this $3.3K resistance, the next major target will likely be the $4K psychological level. This level marks an important achievement for more upward trajectory.
