Ethereum gained bullish momentum and broke the $3,000 price resistance. While the rise of ETH price continues, experts state that it may face obstacles at the level of $ 3,200. Analysts say that the upside momentum of the ETH/USD pair will continue, but the $3,200 limit will prevent increases above this price value.
How High Can Ethereum Go?
Ethereum is considered to provide a basis for an uptick after breaking the $2,800 resistance. After this breakout, ETH seems to have managed to overcome the hurdles at $2,880 and $3,000.
There was an upside break above the downtrend line near $3,010 on the ETH/USD chart recently and the ETH/USD pair is showing bullish momentum. Ethereum is now trading above the $3,050 price value as of today.
Today, Ethereum climbed as high as $3,105 and experts are reporting that the price increase may continue. At the time of writing,
is trading at around $3,080. If Ethereum continues to rise and reaches the $3,120 levels, experts say that if it surpasses the $3,120 resistance, the price can reach up to $3,200. However, they also report that there may be a pause at the $3,200 level or that the price may decline. If the bears fail, experts say Ethereum price could rally as high as $3,420.
Neither the Rise nor the Fall is Certain
As in any market, there are risks in the crypto market. Analysts state that there may be an increase, as well as a decrease with instant market movements. Experts also state that if Ethereum fails to reach $3,120 and then $3,200, it could show a downward momentum. If a downside momentum starts, the first break could be near $3,040 and the second major break could be near $3,020. Analysts think a downside break below the $3,020 level could push the price down further. They also state that if all this happens, there may be a breakout again at the $2,920 level and the Ethereum price may drop back to around $2,800.
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should perform their transactions in line with their own research.