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October 3, 2022
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If history repeats itself, Ethereum may be on the verge of reaching $ 3,000

Moment of glory for ETH holders

Ethereum has seen some price hike action over the past few hours, with bulls sending their prices skyrocketing to highs of $ 1,440 in conjunction with Bitcoin’s high to $ 38,500.

The immense market strength that emerged due to this movement is showing little signs of oscillation, despite some setbacks.

An analyst is now noting that ETH may be about to see an explosive move that takes it to new highs of around $ 3,000 before facing any massive resistance.

Ethereum rises alongside Bitcoin as the market recovers

At the time of writing, Ethereum is trading at an 8% high at its current price of $ 1,390, which is just below its recent high of $ 1,475, set at the peak of last week’s high.

The bulls are trying to take full control of the cryptocurrency now, despite some unsuccessful attempts by the bears to lessen the effect of the rise.

Retractions after a massive bullish movement are expected, but there is a strong possibility that it will be quickly erased by bulls that are anxiously awaiting an entry after the night’s events.

Analyst: ETH may see an explosive change to $ 3,000 in the next

An analyst explained in a tweet Ethereum may be on the verge of seeing an explosive demonstration.

He notes that once the cryptocurrency exceeds its historical maxims, it will likely have a price discovery that will allow it to rise to $ 3,000 if it copies the same pattern that Bitcoin saw.

“ETH: Looking at potential scenarios for price discovery… If we continue to follow the BTC movement and put a leg of + 111%, post the real breakup of ATH, then, interestingly, we will be right at $ 3,000. Great psychological level, the same price that gave BTC a big setback in 2017 ”.

Source: ETHUSD at TradingView.

The next few days should provide an insight into the trend of BTC and Ethereum in the medium term and whether this latest increase is sustainable.

Source: NewsBTC

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