The post After Bullish Weekly Close, Can Ethereum Bulls Close the Monthly Trade Above $3000? appeared first on Coinpedia Fintech News
The market dynamics are changing to some extent after the Fed rate cuts surprised the entire traditional financial space. The Bitcoin price triggered a significant run, but the altcoins are on the verge of outperforming the top tokens as Ethereum traded at a lowered pace till now. However, the recent price action of ETH suggests the second-largest token is about to display a major price action, which is believed to ease the bearish pressure.
The technicals suggest Ethereum is experiencing a continuous inflow of capital, which also indicates a potential upward movement in the short term. Now that the ETH price has reclaimed $2500, the price is expected to remain bullish until it reaches the next target at $2800. Does this suggest a good time to invest in Ethereum, as a major rise is expected to begin any time from now? But the question arises: whether the rally will rise and sustain above $3000, which seems to be under a strong bearish influence?
The ETH price in the weekly chart is trading within the pivotal resistance and support level between the 50-day & 200-day MA, aiming to surpass the previous MA. The bullish possibilities remain higher as the weekly RSI has just triggered a rebound before reaching the lows while the DMI levels have flipped, intending to undergo a bullish crossover. However, the technicals also suggest the price may consume some more time as a rebound from the bearish influence has not been validated.
When will the ETH price trigger a bull run to $5000?
Firstly, the price is required to close the current weekly close on a bullish note, above the important resistance of $2600. Secondly, the token needs to withstand the bearish interference and maintain a healthy ascending trend until the end of the month. With this, a rise above $2800 could be imminent, which may further push the prices above $3000 in the first few days of Q4. This trade setup appears to be likely as the Ethereum (ETH) price appears to be primed to reclaim the higher targets.
The post After Bullish Weekly Close, Can Ethereum Bulls Close the Monthly Trade Above $3000? appeared first on Coinpedia.org.
