- Ethereum price revisited its local top of $3,000 as market participants turned euphoric on Thursday.
- Social media mentions of buying Ethereum and $3,000 peaked on Wednesday.
- ETH price could revisit its support at $2,601 before retesting its 2024 peak.
Ethereum price crossed $3,000 for the third time this week, resulting in euphoria among crypto market participants. On-chain intelligence firm Santiment noted that traders bought Ethereum at the local top, above $3,000, out of the Fear Of Missing Out (FOMO).
Also read: XRP price suffers pullback with latest update in SEC v. Ripple lawsuit
Ethereum price crosses $3,000 yet again
Ethereum price has crossed the psychologically important $3,000 level several times this week, with no sustained continuation of the uptrend. ETH price has corrected briefly each time the altcoin revisits the $3,000 mark.
On-chain intelligence tracker Santiment identified the likely driver of the price rally to $3,000. Each time Ethereum price hit its local top, there was an increase in the mention of “$3K,” “buy,” or “buying Ethereum” in relation to ETH. This indicates there was an increase in FOMO among market participants and this resulted in traders buying ETH at the local top, above $3,000.
This also explains why Ethereum’s run to $3,000 has been a short-lived trip each time.
Ethereum rallies to $3,000 yet again. Source: Santiment
Other factors influencing Ethereum price are Bitcoin price trend, which is currently sideways below the $52,000 level and the anticipation surrounding the approval of a Spot Ethereum ETF. Bitcoin’s price trend and the next move, a rally towards $53,000 or a correction towards the psychologically important $50,000 level, could determine where Ethereum price is headed next.
Additionally, the anticipation surrounding the Spot Ethereum ETF could die down soon and ETH price fails to sustain its recent gains.
Ethereum price could revisit 2024 peak on one condition
Ethereum price is in uptrend and the altcoin is currently trading close to the 23.6% Fibonacci retracement level of its rally to the 2024 top of $3.033.09, at $2,829.36. Ethereum price needs to hold steady above support to attempt another rally towards its yearly high.
Sustained buying pressure and positive momentum can help Ethereum price rally higher. The green bars on the Moving Average Convergence/ Divergence (MACD) and the Awesome Oscillator (AO) suggest that there is positive momentum and Ethereum’s uptrend is intact.
ETH/USDT 1-day chart
If Ethereum price closes below $2,829.36, it could result in a sweep of support at 38.2% Fibonacci retracement of $2,703.32 and even the 50% Fib retracement at $2,601.46 if the correction is steep. ETH price is likely to recoup its losses, rallying towards the $3,033.09 target post the correction.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Could a Solana ETF debut in 2025? Expert weighs in
Solana (SOL) made the rounds across crypto communities on Friday as key executives from VanEck and BlackRock gave contrasting views on the possibility of a SOL exchange-traded fund (ETF) launching in the US.
Cardano Price Prediction: ADA soars 18%, eyes $0.8104 following increased buying pressure and recent rumors
Cardano (ADA) is up 18% on Friday following rumors of the federal government leveraging its blockchain to build a blockchain-based election voting system.
Ethereum Price Forecast: ETH could stage 60% rally despite recent decline
Ethereum (ETH) is trading near the $3,000 psychological level on Friday, as its rising exchange reserve and declining network fees hint at potential reasons for its recent price decline.
EU’s strict screening measures signal a regulatory shift in crypto
The European Banking Authority (EBA) has released guidelines to enhance compliance for financial institutions, payment service providers (PSPs) and crypto asset service providers (CASPs) in the European Union (EU).
Bitcoin: New high of $100K or correction to $78K?
Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.