Ethereum Tests New Record Highs, Can Buyers Take Price Past $3,000?
Ethereum has been touching new all-time highs through this week and the price rally looks set to intensify further, with buyers now aiming for the key $3,000 level next. The high levels of volatility in the world’s second most popularly traded cryptocurrency saw its price falling down to $2,000 twice during the past week, before optimistic news sent it soaring to new highs over the past few sessions.
At the time of writing, ETH/USD is trading at around $2,774, easing slightly lower after touching the $2,800 level earlier in the day. For now, the digital currency powering the increasing popularity of DeFi, NFTs and DApps appears to exhibiting signs of sideways trading, possibly as buyers attempt to build up momentum to cross the $2,800 level once again and aim higher.
Technical indicators point to more room for growth, with the price not having touched the overbought zone just yet on the chart. However, overtaking and staying above $2,800 could prove slightly challenging as Ethereum (ETH) could face profit-taking which could drive more selling pressure in the near-term.
On the fundamentals’ side, ETH has been finding support from the European Investment Bank (EIB) issuing its first-ever digital bond on the Ethereum blockchain network earlier this week. This development is likely to spur even more interest in adopting this technology among financial institutions and help increase its mainstream adoption.
Key Levels to Watch
As we head into the weekend, Ethereum is likely to see more volatility with the $2,800 working as an immediate resistance level. If this level holds strong, we could see its prices fall all the way down to support at $2,700 and possibly even lower as more sellers step in.
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