Ethereum price rally is looking to hit the $3,000 resistance level since 81 days.
A successful flip of $3,240 might indicate the start of a new uptrend for Ethereum.
Ethereum price is facing a tough ride through the week ahead! Ethereum price continues to rocket back upward, continuing its rally that started on July 20. The impressive 72% upswing shows no signs of slowing as it approaches the range high at $2,991. Breaching this barrier will allow ETH to tag the $3,000 psychological level.
Such a development will lay out two possibilities, a continuation of the uptrend or a correction that allows the buyers to recuperate before the next level up.
For this trend to continue, Ethereum price needs to slice through $3,000 and produce a decisive 12-hour candlestick close above $3,240. Such a move will flip the range high into a support level, allowing ETH bulls to retrace to it and restart a new uptrend.
However, if the uptrend fails to stay above $3,000 and flip $3,240, ETH will likely retrace to $2,640, a stable support barrier. This move will allow the bulls to gather steam for a new upswing.
While things seem bullish for Ethereum price, the correction to $2,640 could turn fatal if the sellers shatter it. This development could push ETH down to the 50% Fibonacci retracement level at $2,345. A breakdown of the range’s mid-point will shift the favor toward bears and invalidate the bullish outlook.
In some cases, a surge in selling pressure might push ETH down to $2,271.