Ethereum (ETH) price today trades at the $2,700 level, marking a 2.82% increase. Over the last ten days, ETH has experienced a 10% rise, effectively ending its underwhelming performance since August. This upward trend has led to speculation that ETH could reach $3,000 in October.
Reasons Behind Ethereum’s Increase
Three main factors contribute to Ethereum’s current trading at $2,700: * Bitcoin recently exceeding the critical resistance level of $65,000 has resulted in double-digit increases for ETH and other major altcoins. * The conclusion of a declining third quarter has supported Ethereum’s rise. * Typically volatile price movements toward the end of the month have led to a 10% increase in ETH over the last ten days.
Short-Term Corrections Anticipated
The 30-day MVRV data shared by Santiment hovers around 6.5%. Previous adjustments in ETH prices were observed in the 6-10% range, indicating a potential price correction. Furthermore, Bitcoin generally shows weak performance over the weekends, and during the drafting of this article, it lost the $66,000 mark, prompting investors to exercise caution. The daily price chart for Ethereum indicates a range between $2,309 and $2,820. Investors should monitor the peak level of $2,702 from September 23, as failure of buyers to maintain momentum at this level could lead to a price correction. In such a scenario, Ethereum may retreat to the demand zone between $2,252 and $2,440.
Overall Outlook for Ethereum
Considering that October historically brings bullish trends for crypto markets, investors might seize these dips as buying opportunities before testing the upper resistance level of $2,820 again. Overall, Ethereum’s outlook appears more positive compared to a month ago. Technical analyses support the potential for ETH to surpass $3,000, though short-term correction risks still remain. Should Ethereum reach these price targets, investors could also focus on subsequent critical levels around $3,352 and $3,497.
In conclusion, the current rise of Ethereum appears sustainable despite short-term correction risks. Investors should closely monitor market dynamics and consider historical trends when making investment decisions.
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