At the time of writing, Ethereum had flipped the $3,000 barrier level for the first time since March 3. Last week, we witnessed numerous critical level efforts fail. Following a five-day spike that saw the second largest token earn more than 17 percent, the largest alt surged as high as $2, 988 in the last test.
The coin’s victory above the aforementioned level represents a continuation of that upswing, as the bulls rallied it. It is unsurprising given that a prior study revealed that both MACD lines are rising and will soon leave the bearish zone. Furthermore, the mood in the market remained fluid, with the bulls edging — suggesting a likely retest of the crucial barrier.
However, ETH is not immune to the sub-$3,000 price range. The present price of ether remains around $3k, with no movement to the safe side. This is evident in the Relative Strength Index (RSI), which has remained constant at 62. Previously, the EIP-1559 was seen as a critical improvement to the Ethereum ecosystem since it sought to introduce predictability and stability in transaction costs. Proponents say that the merger will put Ethereum under deflationary pressure.
Because burn decreases the overall supply of Ethereum, it may have a favorable impact on the price, spurring an altcoin surge. Analysts have assessed the Ethereum price movement and forecast a trend reversal in the cryptocurrency. Michael van de Poppe, a crypto analyst and trader, believes the price of Ethereum might reach $3,000 in the near future.
According to FXStreet experts, a closing over $3,033 in Ethereum might result in an optimal Ichimoku bullish breakout for the first time since October 2021. Analysts foresee a 20% increase in the price of Ethereum.