Analysts are looking at a possible rise to $3,300 for Ethereum (ETH), which has once again become a hot topic of conversation in the always-changing world of cryptocurrencies. Since the market recently changed its mind, people who are interested in ETH are very excited as the daily picture for the digital asset changes to green.
Even though ETH had a rough week with a 5% drop, things seem to be turning around for the famous altcoin. ETH’s value has grown by more than 2.5% in the last 24 hours. It is now selling at $2,988.30 and has a market capitalization of more than $358 billion, according to CoinMarketCap.
Ethereum’s Growing Momentum
What’s making people so optimistic? Analysts see a bullish trend developing in the price path of Ethereum. A well-known crypto expert named World of Charts recently pointed out that the ETH/BTC pair has been moving in a falling edge pattern. If this pattern turns out to be a breakout, ETH could be on track to hit historically high prices soon.
When you look more closely at Ethereum’s measures, you can see that Santiment’s data shows a noticeable increase in network growth. A rise in the number of live withdrawals and the number of tokens held by top addresses show that there is more pressure to buy the token.
Even though these signs point to price going up, Ethereum’s MVRV ratio is still low, at -6.22%. But there is still hope because Ethereum’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) both point to a possible long-term bull rise, which calms down worries caused by the MACD’s bearish crossover.
But what will happen next with Ethereum’s price? Hyblock Capital’s analysis shows that ETH meets a major obstacle at $3,100. If it passes this level, sharp liquidations could happen. If all the parts of the puzzle fit together perfectly, a successful breakout above this level could lead to ETH going up to $3,300 by the end of the week.
