Since Ethereum bounced off a key support level last month, the price increased steadily and broke through several key resistance levels to near a two-year high today. Its dominance stands at 17.6% with no sign of weakness at the time of writing.
As much anticipated, Ethereum advanced bullishly and increased throughout last week as it closed with a breakout. After a slight pullback, it resurged and climbed into the $2,900 range overnight.
Meanwhile, this latest price swing was initiated after forming a double-bottom pattern well above the $2,150 level that served as a key support during the last correction.
The volatility currently appears moderate on the daily chart. We can expect a huge surge in volatility once money flows heavily into the market. ETH may face much resistance on the way up, but the main target level to watch in the near term is $3,580 if it continues to follow Bitcoin’s pattern.
Technically, it is still lagging and trading far compared to where Bitcoin is changing hands. A further buying could bring a huge price movement before the end of the month.
From a three-year low of $881.5, Ethereum has recovered significantly and has returned more than 200% gains. It currently targets $3k as the next psychological level for a breakup.
ETH Key Level To Watch
Once it manages to flip the immediate $2,965 resistance, the next resistance level to watch would be $3,040, $3,184 and $3,300 respectively.
Right now, there’s no sign of bearishness. But if the price drops below $2,800, the closest support level is $2,717, followed by $2,566. If these supports could not contain pressure, the next drop level to watch would be $2,445.
Key Resistance Levels: $2,965, $3,040, $3,184
Key Support Levels: $2,717, $2,566, $2,445
- Spot Price: $2,908
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-price-analysis-prediction-february-20-eth-targets-3k-can-it-breakthrough-this-psychological-level/