Ethereum (ETH) $2,668 Its price is trading at $2,700 today, up 2.82%. Over the last ten days, ETH has gained 10%, ending its weak performance since August. This rise has investors thinking about ETH reaching $3,000 in October.
Why Is Ethereum Rising?
There are three main reasons why Ethereum (ETH) is trading at $2,700 today.
- Bitcoin
$65,837The recent breach of the $65,000 critical resistance level led to double-digit increases in ETH and other major altcoins. - The end of the third quarter in the downward trend contributed to the rise of Ethereum.
- Month-end price movements are often volatile, causing ETH to rise 10% in the last ten days.
Short Term Correction Expected
The 30-day MVRV data (Market Value and Realized Value) shared by Santiment is around 6.5%. We have previously seen corrections in the price of ETH in the range of 6-10%. This could signal a reversal in Ethereum price. In addition, Bitcoin generally performs poorly on weekends and lost $ 66,000 at the time of writing, which pushes investors to be cautious.
Ethereum’s daily price chart shows a range between $2,309 and $2,820. Traders may need to keep an eye on the September 23 high of $2,702 and wait for a correction in ETH price if buyers fail to maintain their momentum at this level. In this case, Ethereum may retreat to the demand zone between $2,252-2,440.
Considering that October has historically been bullish for crypto markets, investors can also take advantage of these dips and look for buying opportunities before it retests the range high of $2,820.
The outlook for Ethereum is more positive than it was a month ago. While technical analysis supports the potential for ETH to exceed $3,000, short-term correction risks are not completely eliminated.
If these price targets for Ethereum are achieved, investors can also focus on the next critical levels such as $3,352 and $3,497.
The possibility of Ethereum price breaking the $3,000 mark in October seems logical considering current technical analysis evaluations and market dynamics. It is important for investors to be careful about volatility in price movements and to follow market trends well.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
