The post Ethereum (ETH) Eyes $3,000: Data Suggests Imminent Breakout appeared on BitcoinEthereumNews.com.

Ethereum is in a classic accumulation phase following its recent correction and is now targeting a $3,000 price. After dropping to $2,116 just 20 days ago, ETH experienced a significant price surge, recovering to higher levels, suggesting bullish momentum was building.  Related Reading This accumulation phase has drawn the attention of analysts and investors alike, who are now closely monitoring Ethereum’s price action for signs of a more significant move to the upside. The recovery from recent lows has sparked renewed optimism, with some market experts predicting that ETH could reach $3,000 in the coming days.  This potential rally is a critical milestone in Ethereum’s ongoing market cycle, reflecting its strength and investors’ confidence in its long-term value. As Ethereum continues to accumulate and consolidate, the market is bracing for what could be a major breakout, setting the stage for new highs shortly. Ethereum Price Structure Suggests A Coming Breakout After a relatively long period of consolidation, Ethereum appears poised for a move toward higher prices.  Analyst and trader Castillo Trader shared a technical analysis on X, highlighting a potential ETH trajectory shift. According to Castillo, ETH will likely retest lower demand at $2,611 before targeting the significant $3,000 mark. The 4-hour chart suggests that this period of consolidation has reached a tipping point, an important move could be imminent. ETH 4-hour analysis and key levels. | Source: Castillo Trades on X ETH/USD perp 4H chart on TradingView The $3,000 level is not just a psychological barrier; it has also acted as a support in recent months before breaking down at the start of this month, making it a crucial resistance to break. If Ethereum successfully breaks above this level and consolidates, it could pave the way for a sustained uptrend.  Related Reading This anticipated breakout could begin a new bullish phase…

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Filed under: News - @ August 27, 2024 1:27 am