Ether Technical Analysis: Prices Could Reach Mid-$3,000s Soon
Ether could be headed above $3,000 in the near future.
Ether prices, which have roughly doubled in the last few months, could be headed toward the mid-$3,000-range shortly, according to technical analysts.
The digital currency, the world's second-largest by total market value, climbed above the $2,800 level on Tuesday, June 10 for the first time since late February, according to Coinbase data from TradingView.
'Now that ether has broken above $2,800, the next key resistance level is $3,000—a psychological barrier and a price ceiling seen multiple times in March. If ETH can close above that with strong volume, it opens the door to a move toward $3,200,' Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, stated via email.
'On the downside, immediate support lies near $2,650, with stronger buying interest likely around $2,400, which coincides with the 100-day moving average,' he added.
The market observer also used a technical indicator called the Relative Strength Index, which looks at an asset's recent price movements to get a better sense of whether that asset is underbought or overbought, to evaluate ether.
'Technical traders are also watching RSI, which is approaching overbought territory—suggesting momentum is strong but could be due for a cooldown if price stalls below $3,000.'
Tim Enneking, managing partner of Psalion, offered a similar take on the matter.
'$2,850 is the next key level which we are barely below now. That would push the current price back to early February in terms of the last time ETH was above $2,800,' he stated through emailed input.
'Once ETH pushes above that (and I think it will quite soon, maybe even today), $3,000 becomes a major line of resistance,' Enneking noted.
'If ETH can push through that (less clear), $3,100 will also be tough. If ETH takes that out, it's pretty clearly sailing until around $3,450.'
Grant Tungate, head of business development for Blockforce Capital, also weighed in on this situation.
'The key zone resistance zone we are watching is 2800-2850. On a failure we are watching for the 200 day moving average at 2657 to act as support,' he stated via email.
'On a move higher we see the next resistance zone around 3000,' Tungate added.
Armando Aguilar, an independent cryptocurrency analyst, offered his two cents on what ether prices could do in the near future, highlighting several areas of both support and resistance.
'Ethereum has been on a hot streak this week. Having touched $2.4k to now trying to break above $2.8k,' he clarified through emailed responses.
'Resistance levels stand at $2,820, if breached, we could see ETH cruise to low $3k territory. If the low $3k territory is breached, ETH could see mid-January 2025 levels at $3.3k - $3.4k," stated Aguilar.
'Support levels are in the mid $2.6k range, if support is unable to hold, we could see ETH retrace to mid $2.5k, followed by low $2.4k range."
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