In our last Ethereum price prediction, we wrote that the ETH price reversed and started going higher. We then wrote that the price could soon rally to around $3,000 as that is where the next major resistance is. Furthermore, the $3,000 mark can be valued as a $40,000 mark at the Bitcoin price. On February 4th, the Ethereum price reached the price target of $3,000. But what could happen next? Will a sell-off succeed next or will we keep going up? Let’s tackle all of this in our Ethereum price prediction article.
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Ethereum Price at Resistance – Is a Correction Coming?
Since the Ethereum price is in the $2,800 – $3,000 resistance zone, we should initially assume a correction. This correction could, in the bullish case, go as far as the GoldenPocket. This is between $2,575 and $2,600. In fact, this would be the minimum target of the correction next week. If we hold the GoldenPocket, the price could turn around and make a new high. The target price is around $3,300. If the GoldenPocket fails, the Ethereum price could drop again to $2,300.
Can Ether Drop back to $2,000?
If the Ethereum price does not hold the GoldenPocket, which cannot be said yet, the price should most probably drop to $2,300 again. In that area, we could find short-term support for the price to recover. However, the price could go where we break the $2,300 support and drop even lower towards $2,000. The Ethereum price might confirm the former support as resistance as it surges to $3,000 and sink even lower. If that is the intention of the price, we would consider $2,000 to be probable.
On the other hand, should prices continue higher and the entire crypto market continues on its uptrend, Ethereum prices should not see any adjustment lower. This is especially true as many analysts think that the adjustment ended and we reached the bottom of the downtrend. We remain on the lookout next week to assess closely what happens with the Ethereum price. But for now, the best strategy is to hold.
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