Ethereum Price Prediction as Bulls Keep Pushing – Will ETH's Price Hit $3,000 this Year?
On Feb 14, 2024, Ethereum price broke its 2022 high of $2,770. This week has favored the entire crypto market, up 1.68%, as top coins like BTC touch $52,000.
Ethereum (ETH) has experienced positive effects from this market trend. On Feb 11, ETH was around $2,460, above the $2,158 support. Despite attempts to lower the price, ETH went up. Since Feb 14, prices have stabilized around $2,770, showing buying momentum has exceeded that of sellers. As of now, Ethereum is traded for $2,799. Over the last seven days, it’s up by more than 15%, indicating buyers are still in control.
There’s a possibility of ETH reaching $3,000 soon, especially with factors like the application for Ethereum ETFs by significant investment funds and the likelihood of its price being pushed higher as seen with Bitcoin ETFs. A Swiss-based bank has announced it will start allowing the staking of Ethereum coins. Staking could raise demand for Ethereum, possibly increasing its price.
Investors are optimistic about Ethereum's future, as shown by a 30% increase in open interest to over $9 billion and futures positioning favoring bulls by 57%. Positive signs for Ethereum’s price have also been noted based on exchange activity, with about 510,000 ETH withdrawn from major exchange wallets in three weeks, indicating strong holder sentiment and potentially less selling pressure.
Ethereum has broken its previous 2022 high and trades above significant moving averages. The Relative Strength Index (RSI) surged over 80, signaling strong bullish momentum with the potential to reach $3,000. However, a correction is anticipated due to the RSI's overbought status.
Analyst comment
Positive news: Ethereum has broken its 2022 high and experienced a 15% increase in the last seven days. Factors like the application for Ethereum ETFs, staking announcement by a Swiss-based bank, and optimistic investor sentiment suggest a possibility of Ethereum reaching $3,000. Negative news: A correction is anticipated due to the RSI’s overbought status.
Market prediction: The market for Ethereum is likely to continue its bullish trend and potentially reach $3,000, but a correction may occur in the near future due to overbought conditions.
