After Bullish Weekly Close, Can Ethereum Bulls Close the Monthly Trade Above $3000?
The post After Bullish Weekly Close, Can Ethereum Bulls Close the Monthly Trade Above $3000? appeared first on Coinpedia Fintech News
The market dynamics are changing to some extent after the Fed rate cuts surprised the entire traditional financial space. The Bitcoin price triggered a significant run, but the altcoins are on the verge of outperforming the top tokens as Ethereum traded at a lowered pace till now. However, the recent price action of ETH suggests the second-largest token is about to display a major price action, which is believed to ease the bearish pressure.
The technicals suggest Ethereum is experiencing a continuous inflow of capital, which also indicates a potential upward movement in the short term. Now that the ETH price has reclaimed $2500, the price is expected to remain bullish until it reaches the next target at $2800. Does this suggest a good time to invest in Ethereum, as a major rise is expected to begin any time from now? But the question arises: whether the rally will rise and sustain above $3000, which seems to be under a strong bearish influence?
The ETH price in the weekly chart is trading within the pivotal resistance and support level between the 50-day & 200-day MA, aiming to surpass the previous MA. The bullish possibilities remain higher as the weekly RSI has just triggered a rebound before reaching the lows while the DMI levels have flipped, intending to undergo a bullish crossover. However, the technicals also suggest the price may consume some more time as a rebound from the bearish influence has not been validated.
When will the ETH price trigger a bull run to $5000?
Firstly, the price is required to close the current weekly close on a bullish note, above the important resistance of $2600. Secondly, the token needs to withstand the bearish interference and maintain a healthy ascending trend until the end of the month. With this, a rise above $2800 could be imminent, which may further push the prices above $3000 in the first few days of Q4. This trade setup appears to be likely as the Ethereum (ETH) price appears to be primed to reclaim the higher targets.