Is Ethereum’s Price about to Hit $3,000?
On Wednesday, Ethereum (ETH) was up 0.87%, and it inches closer to the psychologically important $3,000 mark.
Ethereum has been climbing this week, gaining 6.86% and reaching a high of $3,020 (ETH/USD) briefly on Tuesday. That did not last long, though, and the coin dropped slightly to hang around the $2,090 mark, but that could quickly change.
Tuesday marked the first time that Ethereum has passed $3,000 since early 2022, so this is a milestone for the coin. It took Ethereum 20 months to get back to this level, and getting back up there and keeping above it will help the coin’s long-term vitality.
Little Competition from Bitcoin
What is remarkable about Ethereum’s upward trend toward this level is that it is happening at the same time that Bitcoin is falling, down 1.14% today. As Ethereum has been gaining for most of the last 7 days, Bitcoin has faltered, alternating between ups and downs that have kept the lead coin back from climbing above $53,000. Bitcoin is currently at $51,396 (BTC/USD).
Even though Bitcoin is ranked higher and priced higher, Ethereum is the one making waves this week, experiencing powerful gains and making progress we have not seen in over a year. That bodes well for Ethereum’s future prospects and helps the coin look very healthy to investors.
Ethereum has been bullish since the beginning of February, since when it has grown by 15%. Helped along by a vibrant crypto market and a slowly recovering US economy, Ethereum has been the coin to beat this month.
After such a long bullish trend, is ether at risk of a pullback? That is very likely, and traders would do well to take up long positions on this one, since any pullback is likely to be short lived as the coin moves from strength to strength and stays high in the public consciousness. Those who have already made their expected gains off the coin might want to sell before the upcoming dip that most analysts see as inevitable or hold longer for that to pass and the coin to continue upward.
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