Ether Bulls Look To Overcome Resistance At $3K: Price Analysis

The Ether bulls look to overcome resistance at $3K as the community prepares for the merge of the ETH mainnet with the PoS Beacon Chain as we are reading more in today’s latest Ethereum news.

The new week in the crypto market brought more of the same sideways price action that the entire market has experienced over the past months as BTC continues to hold support near $41,000 while some analysts warned that the high inflation and the rising interest rates could see the top crypto dropped to $30,000.

ETHBTC 1-day chart. Source Twitter

On the altcoin front, ETH seems to be showing some signs of life as noted by the crypto analyst Willy Woo who said that Ether is setting up to break upwards of the long-term which is a 3-5 month bearish trend line. The data from TradingView shows that the ETH price is now trading above $2900 with the bulls looking to make another rune at $3000 resistance after being rejected at the level over the past few days. Other analysts are saying that the ETH near-term outlook will bring some levels that traders should watch out for and prepared for the price to break to the upside and experience a slide lower.

ETHUSD 2-hour chart. Source Twitter

The nature of the current Ether price action was outlined by the trader and user “Rager” who posted charts and noted that ETH continues to compress with low highs:

“Currently watching to see if price can push back up $3000, would like to see that as the first level to stay above.”

The outlook was expressed by the trader and Twitter user Cactus posted charts noting that the importance of the price breakout above this key trendline at $2860 provided another price trajectory moving forward. Cactus said:

“Price is looking healthy, nice pullback into this 0.618 fib level and LTF buyers buying into this support. Could range here for a little while. All eyes on breaking this key resistance at $3000.”

ETHUSD 4-hour chart. Source Twitter

Further insight into the price action at the levels was offered by the market analyst Michael van de Poppe who posted a chart saying:

“good bounce on Ethereum here, which makes it likely that we’re going to take the highs around $3,000.”

The proclamation was followed by the word of caution from Van de Poppe noted that the question will be strong as they are going to move from there:

“Immediate rejection and we’re at the highs of this relief rally.”

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Author: Stefan