Will Ethereum hit 3k this week?


ETH fell beneath an ascending triangle pattern tracking over the past fortnight after dropping to $2600 on Monday. It fell beneath the lower boundary and continued until support was established around the $2500 level. The coin did spike as low as $2330 during the week but is now attempting to maintain itself above the newly formed rising trend line, which might start making a new lower boundary for the triangle.

Yesterday, ETH did rebound from this rising trend line but was unable to overcome resistance at $2600. It has since dropped back beneath this resistance today and is trading near $2560.

Key Support Levels: $2470, $2330, $2200.
Key Resistance Levels: $2700, $2890, $3000.


ETH-Short Term Price Prediction

Looking ahead, if the bears push beneath the rising trend line, the first support lies at $2470 (.382 Fib). This is followed by $2330 (.5 Fib), $2200 (.618 Fib), and $2036 (Feb 2021 highs).

On the other side, the first strong resistance lies at $2700. This is followed by $2890 (bearish .382 Fib), $3000, and $3135 (bearish .5 Fib).

The daily RSI made a new lower low in June beneath the midline, indicating that the bearish momentum is starting to increase again. If the RSI drops beneath the 40 level, we can expect the increased bearish momentum to drive ETH back to $2200 at the very least.

Ethereum Options ‘Looking Good’


ETH options Open interest and ETH options trade volume were relatively high compared to the past two weeks. At the same time, ETH’s rally is influencing that of altcoins. DeFi projects and L2 scaling solutions are rallying. There is increased investment inflow in altcoins since Bitcoin’s dominance remains at 41% level.

Profit Calculator
Use automated crypto trading strategies

There are large exchange deposits being made, flooding exchanges with smaller altcoins. This is increasing the liquidity for these altcoins. Contrastingly with an increase in the volume of exchange deposits, the same may lead to a further drop in Ethereum price. In the event that ETH % balance on exchanges increases, a drop in price, to the $2000 level can be expected.

However, the dropping social volume and social media mentions along with on-chain metrics signaled a bullish price narrative for ETH. The price is more likely to cross the psychologically important level of $3000 before rallying higher, to the $3500 level. Besides, large transactions on the network are up over 7%, which further supports the bullish narrative and the rally to $3000 before the weekend.

Invest Smartly with Botsfolio

Put your money to work with Botsfolio. Check products

  1. Sign up
  2. Connect with or Create an account with a currency exchange
  3. Make your crypto trading strategy for free
  4. Start your trading bots and that's it.
  5. We'll take it from there.

Whenever you feel like, open the dashboard to track your investment fund taking shape and bringing in returns.

View Latest Performance of Trading Bots on our Platform.

You Might Also Want To Read

Bitcoin grows stronger with nodecount t…

As per the latest data released from Bitcoin network tracker Bitnodes.io, on July 5 the n…

Which country is most interested in bit…

The country with the largest population in Africa seems to be interested in cryptocurrenc…

Microstrategy will pump another $500 mi…

MicroStrategy currently holds the most Bitcoin on its balance sheet out of all publicly t…

BTC Price Analysis : Will bitcoin hit $…

Over the past week, Bitcoin shed 4.21% of its value and was trading in the $33k range. Wh…

XRP Price Analysis - How high will it g…

XRP’s value has plunged by nearly 40%, from the peak of $1.70. This crash has cost many i…

At $50B, Dogecoin market cap bigger tha…

Dogecoin (DOGE) has been making news in April. Initially, it was trading in its usual $0.…