{"id":8804,"date":"2024-09-23T12:23:47","date_gmt":"2024-09-23T12:23:47","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8804"},"modified":"2024-09-23T12:23:47","modified_gmt":"2024-09-23T12:23:47","slug":"ethereum-price-analysis-bulls-eye-3000-as-next-target-as-eth-charts-14-weekly-gains","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8804","title":{"rendered":"Ethereum Price Analysis: Bulls Eye $3,000 as Next Target as ETH Charts 14% Weekly Gains"},"content":{"rendered":"

Ethereum has recently seen a surge in demand near the crucial $2.1K support zone, resulting in a significant bullish retracement. The price has now reclaimed the middle threshold of the multi-month descending channel, suggesting the potential for further gains toward the upper boundary near $3K.<\/p>\n

Technical Analysis<\/h1>\n

By Shayan<\/a><\/p>\n

The Daily Chart<\/h2>\n

On the daily chart, Ethereum experienced increased buying pressure near the critical support region around the lower trendline of the multi-month descending channel, which aligns with the $2.1K support zone.<\/p>\n

This resurgence in demand triggered a bullish reversal, pushing the price above a critical resistance area that includes the channel\u2019s middle boundary at $2,530 and $2.5K. Reclaiming this zone signals a potential shift in market sentiment toward bullishness, albeit temporarily.<\/p>\n

However, Ethereum is approaching a crucial barrier of around $2.8K, where sellers will likely step up. The price action at this level will be pivotal in determining Ethereum\u2019s medium-term direction. A successful breakout could signal the continuation of the bullish trend, while failure to clear this resistance may lead to renewed selling pressure.<\/p>\n

<\/a>Source: TradingView<\/p>\n

The 4-Hour Chart<\/h2>\n

On the 4-hour chart, Ethereum saw a strong surge from the $2.1K support zone, corresponding with the flag pattern\u2019s lower boundary.<\/p>\n

This upward momentum carried the price toward the critical resistance range between the 0.5 ($2.6K) and 0.618 ($2.8K) Fibonacci levels. The short-term action suggests that the bearish momentum has subsided, with buyers now attempting to push the price above the $2.8K resistance.<\/p>\n

The $2.8K level has been a strong barrier for the bulls in recent months, filled with supply and selling pressure. However, Ethereum could see a breakout if the momentum persists, leading to a short-squeeze and further gains.<\/p>\n

On the other hand, a rejection at this crucial resistance may result in a continued sideways consolidation within the flag pattern, maintaining short-term uncertainty.<\/p>\n

<\/a>Source: TradingView<\/p>\n

Onchain Analysis<\/h1>\n

By Shayan<\/a><\/p>\n

As Ethereum\u2019s price continues to form higher highs and lows, approaching the $2.8K level, insights from the Binance liquidation heatmap provide valuable context for this movement. The ETH\/USDT heatmap highlights significant liquidity pools often targeted by larger market participants or so-called \u201csmart money.\u201d<\/p>\n

According to the heatmap, the $2.8K level contains the highest concentration of liquidity near Ethereum\u2019s current price. Liquidity tends to act as a magnet for price, drawing the market toward these pools. As a result, this zone has become a key short-term target for Ethereum.<\/p>\n

Given this dynamic, a bullish continuation toward the $2.8K level is highly likely driven by the market\u2019s tendency to gravitate toward high liquidity areas. This makes the $2.8K price range a critical area to monitor, as a potential breakout above this level could signal the continuation of Ethereum\u2019s current upward trend.<\/p>\n

<\/a>Source: Coinglass<\/p>\n

The post Ethereum Price Analysis: Bulls Eye $3,000 as Next Target as ETH Charts 14% Weekly Gains<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum has recently seen a surge in demand near the crucial $2.1K support zone, resulting in a significant bullish retracement. The price has now reclaimed the middle threshold of the multi-month descending channel, suggesting the potential for further gains toward the upper boundary near $3K. Technical Analysis By Shayan The Daily Chart On the daily […]<\/p>\n","protected":false},"author":0,"featured_media":8805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8804"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8804"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8805"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}