Every crypto trader and investor loves seeing green colors across crypto aggregators. Ethereum price specifically soared by +8% in the past 24 hours, and managed to recoup some losses. Investors who managed to buy Ethereum at cheap prices are deep in the greens. Now that Ether prices jumped again, when will ETH reach 3K again? Let’s analyze in this article Ether’s price and forecast what might happen in the coming week.
Ethereum Price UP in the past 24 hours
Despite the obvious technical formation of ETH, many traders missed placing buy orders around $2,300. Prices of Ethereum did a consolidation on a strong support level for almost an entire week. This often indicates an upcoming price increase. In figure 1, we can clearly see how prices rebounded and touched the $2,800 price mark, making almost 22%.
Day traders await such setups as they can make hefty returns, especially if they pair it with adequate leverage. On the other hand, investors who simply prefer to buy and hold could’ve definitely placed a buy order towards that same price. This long-term setup will have bigger goals for sure, but at the same time, similar stop-loss areas just below $2,000.
Ethereum Price Prediction – Will Ether reach 3K Soon?
It is unclear whether the crypto market stopped its bearish trend. What’s clear on the other hand, is how the Ethereum price reached the strong support of around 2K. The year 2022 already started on a bad note, and the equity market is no better.
Ether prices need a small push to reach $3,000 from a current price of around $2,750. However, prices already increased heavily and might retrace soon. The Fibonacci retracement in figure 2 indicates a potential retracement towards a price area of $2,600.
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If prices adjust a bit lower following the Fibonacci retracement and the entire crypto market continues on a green note, Ethereum price is likely to reach $3,000 within the next week.
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