Ethereum price prepares for a bullish weekend, targeting $3,000
- Ethereum price seems prime to revisit $3,000.
- Although ETH faces resistance at $2,300, the upswing seems imminent.
- A downswing below $2,000 could invalidate the bullish thesis.
Ethereum price seems to be consolidating, lacking the volume to breakout. But as the Salvadoran news settles in, ETH may be preparing to rebound.
Ethereum price loses volatility
Etheruem price is following Bitcoin’s footsteps but shows less volatility in its rallies. While BTC soared 24%, ETH climbed only 13%, suggesting waning interest in the smart contract token’s prospects.
Regardless, Ethereum price sits comfortably above the 50% Fibonacci retracement level at $2,319. Investors can expect a bounce off this barrier to restart the upswing, but in some instances, the dip might extend up to the swing low at $2,271.
The bullish thesis will remain intact even if ETH ventures into the 62% Fibonacci retracement level at $2,177 or the subsequent barrier at $2,077.
The uptrend that emerges from either of the support barriers mentioned above will likely target the swing high at $2,552, $2,847. In bullish conditions, the impulse wave might extend up to the range high at $2,909.
ETH/USDT 4-hour chart
On the flip side, a breakdown of $1,976 in a convincing fashion will invalidate the upswing and invoke a 12% sell-off to $1,728.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
