NewsletterETH Price Prediction: Will Market Momentum Push Ethereum Rally to $3000?
Highlights
- The surge in the Ethereum price above the 50% correction level indicates a return to buyer dominance in the market.
- The current recovery will remain intact until the ascending trendline in the daily chart holds.
- The intraday trading volume in Ether is $8.1 Billion, indicating a 37% loss.
ETH Price Prediction: Aligned with the ongoing market momentum, Ethereum experienced a notable surge in buying activity beginning in February’s second week. The altcoin rose from a low of $2296 last week to $2607, achieving a 13.5% increase. This rise signifies buyers reclaiming over 50% of the previous correction’s losses, highlighting their strong conviction in continuing ETH’s recovery trend.
Also Read: Ethereum Price Rally: Experts Foresee ETH to $4,887 by 2024, $19,190 by 2030
Bullish Pattern Sets ETH Price Rally to $2700
Amid the last two weeks of consolidation, the Ethereum price formed a bullish continuation pattern called an ascending triangle in the daily chart. Utilizing the pattern’s support trendline, altcoin surged 14% within three weeks to currently trade at $2493.
On February 7th, the coin price gave a decisive breakout from the $2390 neckline resistance, signaling the end of the correction trend. With sustained buying, the ETH price is likely to surpass the $2700 swing high and chase potential target of $3000.
However, despite a 0.32% gain, the daily candle shows a notable price rejection on the upside, indicating the possibility of a minor retest. This pullback can provide an entry opportunity for bullish traders.
Also Read: Ethereum Dencun Mainnet Upgrade: ETH Breaks $2,500 As Geth Releases Crucial Update
Is Ethereum (ETH) Currently Undervalued?
In Finder’s latest Ethereum Price Prediction, Pedro Febrero, VP of Web3, si at RealFevr, highlighted the price correlation between BTC and ETH, emphasizing that Ethereum’s advanced features compared to Bitcoin suggest ETH is presently undervalued relative to BTC.
“Ethereum still remains the most widely adopted ‘world computer,’ and its EVM the most popular development environment,” shares Febrero. “At the moment, [ether is] immensely underpriced vs. bitcoin; therefore, I expect a massive swing up in ETH/BTC once the market understands its capabilities (DeFi, NFTs, gaming, gambling).”
- Bollinger Band: The uptick in the upper boundary of the Bollinger Band indicator reflects the aggressive buying trend in the market.
- Average Directional Index: The rising ADX value at 16% reflects the buyers have sufficient momentum for high growth.
Related Article: Will Ethereum Price Hit $10k With Spot ETF Approval? Insights From Chen, Bitget MD
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