Ether Prices Have Been Hovering Near $3,000—What’s Next For The Digital Asset?

Ether prices have experienced some notable gains lately, rising above $3,000 last night and then trading close to that key, psychological level.

The digital currency reached $3,051.11 right after midnight EST, CoinDesk figures show.

It managed to retain much of its recent gains, falling to roughly $2,970 in the next few hours, additional CoinDesk data reveals.

The cryptocurrency once again surpassed $3,000 around 4 a.m. EST, and since that time, it has been trading within a very tight range.

Following these latest price fluctuations, several technical analysts offered perspective on where the digital asset might go next.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

John Iadeluca, founder & CEO of multi-strategy fund Banz Capital, weighed in, emphasizing the key importance of the $3,000 price level.

“Technical traders should watch for the skirmish between buyers and sellers at the $3,000 ETH price,” he stated.

“The durability of this key price level is pivotal for the continuation of ether’s climb upward,” said Iadeluca.

If the digital currency breaks to the upside, traders should “watch for growing selling pressure at resistance levels of $3,100 and $3,200.”

Should ether fail to maintain the $3,000 level, technical traders should look to its “key support at $2,850.”

Collin Plume, CEO and founder of My Digital Money, also emphasized the crucial nature of the $3,000 level.

“It has been testing the $3000 resistance level for several months now,” he stated. “It has gone back to $2800 and $2900 several times.”

“I think if it manages to hold, it will be a steady climb to $4000, slow but steady, and when it gets to $4000, it will be an easy job to hit a new ceiling.”

Kiana Danial, CEO of Invest Diva, also offered some insight, focusing on different technical indicators.

“ETH/USD is in the process of completing a double bottom bullish reversal chart pattern,” she stated.

“At the same time, it is attempting to break above the daily Ichimoku cloud,” said Danial, referring to a chart that combines several technical indicators.

“The future cloud is thinning out,” she stated.

“The Tenkan line has crossed above the Kijun line, indicating a fresh wave of bullish momentum on our way,” stressed Danial, referring to the shorter-term indicator crossing above its longer-term counterpart.

“However, the 38% Fibonacci retracement level (tracing ETH’s gains from April 2020 to November 2021) is currently acting as a resistance at 3045,” she added.

“A confirmation above this level could open doors for a new bullish run to begin, driving ETH towards the all-time-high levels in the next 6 months or so.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.