Key Takeaways
- Ethereum’s price struggles around $3,000 amid speculation of a bullish rally.
- Crypto experts applaud ETH’s price holding the key demand zone at $3k following the recent market crash.
- Crypto experts believe the bull market is far from over for altcoins, as the market looks to rebound despite BTC struggles.
The price of Bitcoin and the crypto market has been in a range price movement for weeks now, leaving investors and traders at a crossroads as the market looks exhausted ahead of its yearly close. The market must show bullish price action for conviction to be restored.
If the market fails to show any bullish price action to the upside, market sentiment could remain bearish for the longest time, as previous months that saw BTC rally toward new all-time highs have since struggled to resume their price action.
The crypto market’s struggles have affected many altcoins, including Ethereum; however, ETH has shown strength in the last few weeks compared to the number one crypto asset by market capitalization. The altcoins could build on its current strength to the upside if price protects its key zones.
While markets look to build momentum for altcoins, many traders are worried, as on-chain data suggests investors are heavily dumping or offloading BTC from their wallets, indicating the market could see a more bearish downtrend, which could affect the market further if things play out this way.
Will Ethereum protect its price action and show strength to the upside?
Ethereum Price Analysis
While overall market sentiment has not been encouraging for trading, Ethereum has shown strong price action, holding its key zone of $3,000. The price has traded towards $3,400 but was rejected as BTC fell.
On-chain data has also indicated the crypto asset could suffer a further price decline, given the emergence of the Doji candlestick pattern, which signals a potential bearish crash. If this turns out to be the case, ETH could trade around $2,500 before the end of the year.
All eyes remain on ETH’s price action in the coming weeks, and the market will see where it’s headed.
FAQs
Will Ethereum reach $5,000?
The possibility of the crypto asset reaching $5,000 before the year ends seems unlikely, as the price has struggled over the last few weeks but could trade around $3,700.
What is the future of Ethereum?
ETH has a future, as many crypto projects would be built on its network, leveraging its security to develop a sustainable system that could provide improved payment solutions.
Should I hold or sell Ethereum?
The decision to hold or sell ETH depends on individuals, as the crypto asset’s price is volatile under different market conditions.
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