Can Ethereum Stay above $3,000?

Ethereum (ETH)  is down today by 0.71%, just about breaking even over the last week. The coin climbed up to $3,216 (ETH/USD) on Monday.

Then, it fell back down to $3,000 where it is hanging out now. Will this coin keep its current level or fall back down below the $3K line and hurt its public image?

This is a psychologically important level, and when Ethereum drops below there and stays there, it hurts the token’s ability to pull in more investors. We have actually seen Ethereum fluctuate around that level today, struggling to keep its head above water, so to speak.

The coin is neither bearish nor bullish, which means it could plummet quickly or it could take off and surge upward. It looks like Ethereum is looking for an instigating incident- something to set it off, though it is on the decline at the moment.

How Sure Is Ethereum’s Hold above $3K?

ETH has little hold on the $3,000 level right now, and that is dangerous for investors who are holding onto ETH coins. The crypto market is in an uncertain place right now, and there is little guarantee of short term gains.

We would recommend buying Ethereum when it dips. It is down right now, but it has the potential to drop much lower over the next couple of days. If it does fall significantly below the $3,000 line, we recommend buying up the tokens, because they are very probably going to go much higher in the next month or so.

We do not expect Ethereum to drop off substantially in the near future. It has proven too stable for that, and we anticipate some gains above the $3,000 level in the next week or two. Ethereum is a proven coin with a lot of resilience, and even if inflation continues to rise, Ethereum should still be able to hold on to many of its investors and most of its value.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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