Forecast Predicts Ethereum Price Surge to $3,000 Amid Bullish Indicators

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Ethereum Forecasts Suggest Price Increase up to $3K

Recent forecasts for Ethereum suggest an impending price increase up to $3,000. Ethereum has recorded a nearly 7% increase in the past week as buying pressure has risen. Most market indicators remain bullish, indicating a further price increase.

Ethereum Gains Momentum

While the price of Bitcoin [BTC] has remained relatively calm in recent days, Ethereum [ETH] has gained momentum. In fact, the price of the “King of Altcoins” has crossed a critical mark that could allow ETH to drive its price to new highs in the coming days.

Will Ethereum Reach $3,200?

Data from CoinMarketCap shows that the price of ETH has risen by more than 7% in the past seven days, while BTC’s price performance moved sideways. At the time of writing this article, ETH is trading at $2,546.38, with a market capitalization of over $306 billion.

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Ethereum Breaks Out of Bullish Pennant Pattern

Interestingly, the price of ETH has broken through a bullish pennant pattern. A bullish pennant pattern is a technical trading pattern that indicates an impending continuation of a significant price increase. An analysis by a crypto influencer suggests that the possibility of ETH reaching $3,200 is high, as its value went beyond the bullish pattern.

What the Metrics Suggest

To verify whether breaking through the bullish pattern is enough for ETH to reach $3,000, AMBCrypto took a closer look at its metrics. Our analysis showed that buying pressure on the token is increasing. This is evidenced by the fact that the ETH supply on exchanges has fallen below the ETH supply off exchanges, meaning investors are accumulating more ETH.

ETH Derivatives Metrics

Ethereum’s derivatives metrics were then checked to see what they had to say. Data from Coinglass showed that open interest has risen along with its price. When open interest increases, the probability of a trend continuation increases. Therefore, this suggests that the likelihood of ETH continuing its winning streak is high, which in turn makes the possibility of ETH reaching $3,000 realistic.

More Bullish Indicators

More bullish indicators were revealed when we took a look at Ethereum’s daily chart. For example, the MACD showed a clear bullish advantage in the market. Its Chaikin Money Flow (CMF) also recorded a strong increase, suggesting that the price of ETH could continue to rise. However, the Relative Strength Index (RSI) looked worrying as it fell. This could prevent the price of ETH from reaching $3,000 in the near future.

Source: TradingView, Santiment, Coinglass

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