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For the second time in its price history, Ethereum has risen past $ 3k and is steadily increasing. first time Ethereum broke $ 3k was in mid-April, when the cryptocurrency market, particularly Bitcoin and Ethereum, was in a solid bullish pattern.
This recent price spike could kick off the highly anticipated price spike that could send Ethereum to $ 20k very early.
Ethereum price analysis
Ethereum has been in a continuous bull run in the market for about three days, with a consistently excellent rise in prices, effectively breaking through various resistance levels. On the 6th, the coin was trading at around $ 2.9k, but then it rose to around $ 3,157.
This earlier rally led to a breakout at two resistance levels, with the most immediate at the time at $ 3.05. second resistance was at $ 3.15k, however Ethereum surged further. However, the coin has fallen slightly in recent hours, from a high of $ 3182 to around $ 3124 today. 24 hour low is present at $ 2.9k, which means that the coin has had a price change of more than $ 156, roughly 5% in 24 hours.
Ethereum could break out of the next resistance level, which is at $ 3.28k. However, for this to happen, there must be greater consistency in the trading volumes of the coin. 24-hour trading volume is currently $ 33 billion. Furthermore, Ethereum is growing in market dominance from 19% yesterday to around 20% today. However, if Ethereum starts to follow a steady downtrend, people could sell the coin more than buy, leading to a serious downside.
A possible downward trend
In the last 24 hours, Ethereum has seen a price increase of more than $ 3.18k. However, shortly after, the price of the coin slowly fell, to around $ 3.09k. refore, there seemed to be the possibility of a possible downward trend. However, Ethereum is currently trading at just over $ 3.12k.
Investors have very high confidence in Ethereum, but if the coins drop slightly, perhaps back to $ 3.05, we may start to notice a reduction in trading volumes. This could trigger a possible short bearish pattern that could pull the coin out of its previous support level of around $ 2.9k.
If such a collapse occurs, more investors will lose faith in trading Ethereum due to fear of short-term losses, leading to lower demand. However, it is also possible at that time; Markets could turn bullish again as more investors buy the coin at its low to benefit from the price surge that will likely continue through the end of 2020.
Could Ethereum Hit $ 20k?
charts show that Ethereum’s recent price spike is reflected in other assets as well, including Bitcoin, Cardano, BNB, and UNI. current movement of Bitcoin does not show any possibility of a price drop.
Typically such bull runs last longer and with Ethereum’s current pace driven by the recent one. system updates, the coin is likely to hit analysts’ forecast of $ 20k.
Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.
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