Ethereum Price Breaks Out of Downtrend, Targets $3,000
Recent analysis indicates that Ethereum has exited a prolonged downtrend, fostering renewed bullish sentiment. Key highlights include:
- Ethereum's price action on the 4-hour chart has turned bullish after breaking above a descending trendline.
- The analyst predicts a potential rise to $3,000, following a successful breakout from the $2,100 - $2,150 resistance zone, now acting as support.
- A retest of the $2,100 - $2,150 area could solidify the bullish structure.
- The immediate target range is set between $2,500 - $2,550, identified as a key liquidity zone.
- Technical projections suggest a possible pullback to the $2,350 - $2,400 range before aiming for $2,800 - $3,000.
- A clean break above $3,000 could lead to prices reaching $3,300 - $3,600.
However, if Ethereum closes below the $2,100 support or the descending trendline, it may indicate a false breakout and trigger increased selling pressure. Traders should monitor this level closely to validate the bullish outlook.
