Ethereum Analyst Predicts $3,000 Target Amid Signs of Market Reversal
Ethereum Price Update
- Ethereum saw a slight increase, raising hopes for a trend reversal after prolonged selling pressure.
- Global economic tensions, especially between the US and China, are influencing market uncertainty.
- Analyst Carl Runefelt believes Ethereum could experience a significant upward movement, suggesting a breakout from a descending trendline is imminent.
- Current support level for ETH is around $1,500, with potential resistance at $1,700–$1,800.
- A successful push above $1,700 may lead to a target of $3,000.
- If bullish momentum fails, a retracement to $1,500 is possible, indicating vulnerability for further declines.
Ethereum currently trades at $1,630, struggling to surpass critical resistance. A decisive move above $1,700 could signify a recovery rally, while failure to gain strength could result in renewed downward pressure.
