Ethereum Price: Will ETH Hit $3,000 in October?

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As a seasoned crypto investor with over five years of experience in this volatile market, I have seen my fair share of bull runs and bear markets. I’ve learned to read between the lines and interpret the technical analysis like an experienced detective.

Today, Ethereum (ETH) is currently experiencing a 1.71% increase and is being traded at $2,673. Over the past ten days, ETH has seen a significant surge of 10%, marking an end to its subdued performance since August. The recent upward trend has sparked curiosity among investors as they speculate whether Ethereum will reach $3,000 by October.

According to technical and blockchain analysis, it’s likely that the Ethereum price could rise to around $3,000 or more, possibly even revisiting $3,500. This bullish trend is often seen in October, based on past crypto market performance. However, it’s important to note that Ethereum might experience a correction before reaching the $3,000 mark first.

Ethereum Price: Will ETH Hit $3,000 in October?

Why is Ethereum Rising Today?

Today’s Ethereum price stands at approximately $2,673, marking a 1.71% increase. The surge in demand for this cryptocurrency can be attributed to these three main factors:

    Due to Bitcoin’s recent breach of the six-day consolidation into a critical resistance level at $65,000. Ethereum and other top altcoins have also shot up double digits in just a few days due to BTC’s uptick. 
    Additionally, the bearish third quarter coming to end is another reason why Ethereum is rising today. 
    Finally, the month-end price action is usually volatile, which could be the reason why ETH has been up 10% in the past ten days.

It seems unlikely that the Ethereum price will sustain its upward trend towards $3,000, as on-chain indicators suggest it may experience a brief downturn soon. Furthermore, there’s a possibility that Bitcoin could also correct during the weekend, so investors should exercise caution.

Short-term Correction Likely for ETH

Based on Santiment’s 30-day Market Value to Realized Value (MVRV) ratio, which currently stands at approximately 6.5%, there have been instances in the past where this range (6% to 10%) has signaled a potential reversal in Ethereum’s price, even during an upward trend. This suggests that a short-term correction might be imminent for ETH.

Nevertheless, this adjustment might take place during the weekend or within the coming week, potentially pushing Ethereum’s price and 30-day MVRV ratio upward towards the risky range, expanding from 6% to 10%.

Ethereum Price: Will ETH Hit $3,000 in October?

From a strictly technical viewpoint, there’s a solid possibility that the price of Ethereum could not only reach $3,000 but might even go beyond this figure.

Ethereum Price Analysis: ETH to go Beyond $3,000 in October

The daily price graph for Ethereum indicates it’s currently being traded within a specific band, spanning from approximately $2,309 to $2,820. Investors should pay close attention to the peak on September 23 at around $2,702. If buyers can’t sustain their momentum near this point, leading to a pattern known as a swing failure, then it’s probable that Ethereum’s price may decrease.

Developments might lead Ethereum to return to the price range of $2,252 to $2,440, a crucial buying opportunity as we move into the fourth quarter. Given that October has often brought gains in the past, investors could take advantage of the drops and position themselves for a potential increase that may touch the peak at $2,820 again.

If the price peak (high) reverses following a 15% increase, investors might find themselves looking back at key resistance levels at approximately $2,886 for daily and $2,923 for weekly. Given historical trends, it’s possible that the $3,000 psychological mark could also be revisited.

Investors should seriously consider consolidating their ETH holdings within a range of $2,800 to $3,000 if they want to show strong intent in the market. A move like this would indicate potential future growth. If this price range is broken out of, it could trigger another rapid surge towards the next significant obstacles at $3,352 and $3,497.

Ethereum Price: Will ETH Hit $3,000 in October?

Overall, Ethereum’s future appears much more promising compared to a month ago. The price prediction suggests a potential correction, which might lead to retesting the significant $3,000 mark and possibly even reaching $3,500. But, it’s crucial for investors to exercise patience when seizing the upcoming opportunity.

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2024-09-27 15:32