📈🔥 Will $ETH reach $3,000 in May? Bounce suggests remaining "fuel".
The price of Ethereum 🚀 bounced from $2,400 on May 17 to exceed $2,500 on May 18, fueling optimism that it could reach $3,000 this month 💰.
Key points:
1- Strong bounce: #ETH rose more than 2.5% in 24 hours, reaching an intraday high of $2,551 ⬆️.
Short liquidations: The rally liquidated over $22 million in short ETH positions, with $7.5 million liquidated in an hour 💥.
2- Resistance at $3,000: Data shows seller interest around $3,000, with sell orders over $384 million 🚧.
3- Bullish analysis: Analysts believe the recent drop was a technical correction before continuing towards $3,000 and beyond 🚀. The weekly Stochastic RSI suggests that ETH still has "fuel" 🔥.
4- Key support: The downside could be limited to $2,400, with potential for another rally towards $3,000-$3,300 if support holds 🛡️.
5- Bearish outlook: Another analyst projects a deeper drop to $1,800 before a potential bullish move towards $4,000-$5,000 🤔.
6- Long-term potential: ETH is believed to reach new all-time highs around $5,000 driven by AI, #ETFs , and the #pectra upgrade 🚀🌕.
7- Bullish flag pattern: On the 4-hour chart, ETH remains above a bullish flag pattern with a technical target of $3,720, 50% higher than the current price 🚩. Immediate support is at $2,470.
8- Correction risk: The RSI has fallen, suggesting that the correction could continue if profit-taking increases 📉. A close below $2,470 would increase the likelihood of a drop to $2,400 and then to $2,300.
Do you think #Ethereum will reach $3,000 in May? 🤔 What factors do you think will drive or hinder its price? Share your opinion! 👇💬📈🔥💰🌕🚩
