Ethereum’s Price Broke Through $3K, Analysts Warn Of Needed Retest

Ethereum’s price broke through $3K with analysts warning that a retest of the level is needed and further upside is warranted so let’s read further in today’s latest Ethereum news.

The crypto market continues to forge ahead despite facing headwinds on a few fronts. At the moment, the global conflicts and the rising inflation are taking a toll on the financial markets and are helping to outline the need for a diversified investment portfolio. Altcoins managed to gain some ground and ETH led them while managing to climb back to the support zone of $3000 where the bulls are battling for control.

ETHUSD 4-hour chart. Source Twitter

Ethereum’s price broke through $3K and analyst Michael van de Poppe even said that ETH is moving upward after holding a crucial level:

“Seems to me that we‘re going to test $3,125 next.”

Not all traders were so quick to look for a higher price target like the Twitter user Chartpunk who posted a chart outlining the ten-day uptrend for ETH and warned against entering into an overheated market:

“Do not FOMO into the market. Should you want to join the trend, look for the retest of the entry zone on this chart.”

ETHUSDT 1-day chart. Source TradingView

Based on the outlined area in the chart, Charpunk is looking for re-entry at $2,975. A more measured approach to the price action was offered by crypto trader Mad Max Crypto who posted a chart indicating a Neutral bias till a flippage of the $3287 mark. The outlook was echoed by crypto advisor Altcoin Sherpa who posted a chart outlining a series of higher lows and higher highs made by ETH:

“I think that you can make an argument for breaking market structure to the upside on lower time frame charts but I‘m personally waiting for the higher levels. Regardless, ETH2.0 fundamentals are going to be strong coming soon.”

The final bit of analysis on the low-price levels to keep an eye on was touched on by the trader Follis, posting a chart suggesting the possibility of a pullback to $2600. He said:

“Strong reaction from that sweep into supply, but most hourly time frames are bullish, and I expect more upside as long as we don‘t close below $2,800. $2,600 area is interesting if we get a pullback, the 0.79 fib has worked well within this macro range.”

The overall crypto market stands at $1.91 trillion and BTC’s dominance rate reached 41.7%.

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Author: Stefan