Can Ethereum breach $3000 in the next 48 hours? Yes, only if…

Date:

Ethereum over the last two days has recovered by 20.88% from its lows of $2598. And, as the market is beginning to shift gears, the king altcoin is looking at a much bigger growth now. Well, that can only be possible if the bullish pressure continues to build up.

All rise! But Ethereum first

Three price levels have been extremely important in Ethereum’s rise and fall and have been in play since the beginning of the year. The first and currently critical resistance level is $3200. This has been tested as both resistance and support since August 2021. And, it plays a critical role in understanding the price action going ahead.

Since January, there have been attempts at breaching it, but Ethereum failed to do so.

This led the coin to recede at the $2760 zone, which must be tested as support to reach $3200. Moreover, on 26 February, Ethereum closed above $2760. Interestingly, although at the moment the candle is red, price indicators have changed their signals in favor of a rise.

HYguEtE8

Ethereum price action | Source: TradingView – AMBCrypto

The Parabolic SAR’s white dots moved underneath the candles on 26 February. Thus, indicating that an uptrend is active presently. The last time ETH was in an uptrend, the coin rallied by 34.57%. Thus, if ETH makes even half of that rise, which it already has, it would be able to breach $3200

Also, the MACD indicator has been supporting the above-mentioned narrative. MACD is right in contact with the signal line looking to make a bullish crossover. The receding bearishness of the red bars also points in that direction.

However, beyond price indicators, Ethereum investors will have to play a major role if they wish for a rally.

As it is, transaction volumes have already reduced from $20 billion in January to an average of $6 billion this month. But if ETH posts a green candle in the next 24 hours, this volume could rise back with new investors.

ITB eth transactions volume in usd 2022 02 27T10 17 15.159Z

Ethereum transaction volumes | Source: Intotheblock – AMBCrypto

Furthermore, the network already has a 58.79% domination of HODLers, which is always a positive sign for a sustained rally.

ITB eth addresses by time held 2022 02 27T10 17 19.397Z

Ethereum investor distribution | Source: Intotheblock – AMBCrypto

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Boeing capsule lands back on Earth after space shakedown – Colorado Springs, Colorado

Colorado Springs, Colorado 2022-05-25 22:06:06 – A Boeing astronaut...

Can Ethereum [ETH] defy the mounting bearish pressure this time

Disclaimer: The findings of the following analysis are the sole...

“He was just a loving boy”: Texas School Shooting Victims | Texas

A■ The United States has awakened to the horrifying...

Panama City, FL – Port St. Joe flooding Wednesday

Panama City, FL – PORT ST JOE, Florida. WEATHER...