The recent price increase of Ethereum has led to a breakthrough that signifies an important moment in the cryptocurrency market.
Key Achievements of Ethereum
Ethereum ($ETH) has officially reclaimed the $3000 level, marking an important psychological and technical milestone. The daily chart shows a strong bullish structure with a sustained move above the 9-day and 21-day moving averages. The Relative Strength Index (RSI) pushed into overbought territory at 72.87, indicating growing momentum despite short-term caution.
Short-Term Consolidation of ETH
While the daily trend looks strong, the hourly chart reveals a temporary pause. ETH is consolidating just above the $3000 mark, with RSI cooling to around 49.89. The price is hovering around the 9 and 21 EMAs, indicating indecision. However, multiple bullish crossovers in recent days suggest buyers remain active on dips.
Ethereum Price Prediction
As long as ETH stays above the $2815 support level, the next bullish target lies at $3200. Momentum indicators remain favorable, and institutional buying across the cryptocurrency market adds fuel to the uptrend. However, an overbought RSI and lower time frame weakness could signal a brief consolidation before the next leg up.
The current achievements of Ethereum in the cryptocurrency market foster optimism, yet signs of overextension and short-term instability require caution.
