Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Ethereum Breaks Past $3k, Shows Signs of Better Times
For the second time in its price history, Ethereum has climbed past $3k and steadily rises. The first time Ethereum surged past $3k was in mid-April when the crypto market, especially Bitcoin and Ethereum, were on a solid bullish pattern.
This recent price surge could start the much-predicted price jump that could send Ethereum to $20k very soon.
Ethereum Price Analysis
Ethereum has been on a continuous market bull run for about three days, with an excellent steady price surge, in fact breaking past several resistance levels. On the 6th, the coin traded at around $2.9k but later increased to around $3157.
This earlier surge led to a breakout past two resistance levels, with the most immediate one at that time being $3.05. The second resistance was at $3.15k, and still, Ethereum increased past that. However, the coin has plunged slightly over the past few hours, from the $3182 peak to about $3124 currently. The 24 hour low is present at $2.9k, meaning the coin has had a price change of over $156, about 5% in 24 hours.
Ethereum could break out from the next resistance level, which is at $3.28k. However, for that to happen, there must be some increased consistency in the trading volumes of the coin. The 24-hour trading volume is currently $33 billion. Also, Ethereum is growing in market dominance from 19% yesterday to about 20% today. If, however, Ethereum starts taking a steady downtrend, people could sell the coin more than buying, leading to a serious bearish.
A Possible Downtrend
In the past 24 hours, Ethereum has had a price peak of over $3.18k. However, soon afterward, the coin dropped in price slowly, to about $3.09k. Thus, there seemed to be the likelihood of a possible downtrend. Currently, however, Ethereum is trading at a little past $3.12k.
Investors have very high confidence in Ethereum, but if the coins drop a little slightly, maybe back to $3.05, we might start noticing a reduction in trading volumes. That could stir a possible short bearish pattern that could make the coin break out from its earlier support level of about $2.9k.
If such a plunge occurs, more investors will lose confidence in trading Ethereum due to fear of short-term losses, leading to less demand. However, it’s also possible at that point; the markets could again turn bullish since more investors will buy the coin at its low to benefit from the price surge that is likely to go on till the end of 2020.
Could Ethereum Hit $20k
The charts show that the recent Ethereum price surge is also seen in other assets, including Bitcoin, Cardano, BNB, and UNI. Bitcoin’s current movement does not show any possibility of price drops.
Typically, such bull runs go for longer, and with Ethereum’s current pace being powered by its recent system upgrades, it’s possible that the coin could hit the analyst prediction of $20k.