Ethereum Prepares for a Price Rally; Can ETH Hit $3500 Soon?

Ethereum, the second-largest cryptocurrency, is way closer to becoming the top cryptocurrency. ETH is barely 50% away from overthrowing Bitcoin’s market-dominant position. ETH is more likely to challenge its all-time high level than succumb to further profit booking at the latest traded value.

Ideally, the price trend would require a boost, and increasing crypto dependency on ETH’s layer two validations has enabled many blockchain products to come to life. Whether or not its move to become a mining-free crypto token will be beneficial or not is up for debate. But at present, ETH is the only cryptocurrency that showcases the potential to become market dominant.

Ethereum price trends can be deemed volatile, but the buyers are more focused on estimating a gross trading range for ETH after transitioning towards Proof of Stake. 200 DMA has emerged as a strong resistance that would halt any buying sentiment in its tracks.

Since the price took support from an important psychological level, Ethereum can be expected to surpass $4000 in the coming months. Visit here to know when will the ETH price break this level.ETH Price ChartEthereum is neutral, with minimal range-bound trades happening between the months. The traded value is slightly away from its recent profit booking level, represented by the 200 DMA curve. $3500 is an important level to help ETH push beyond $4000 in the coming months. Despite getting stronger with each pulse, the price trend of ETHUSD gives up to profit booking. This break in trend sentiment weighs heavier on new investors.

The range below $2500 would be a substantial buy range since Ethereum will transition itself into a better position and even challenge and dominate Bitcoin in coming years. All of this can only be possible if ETH keeps up with the developments and modern algorithms being used by newer generation blockchain networks.

In comparison to its all-time high value, the price of Ethereum is trading at 35% below but at the same time could offer 50% gains to buyers of the current level. RSI once touched an overbought zone indicating a limited supply of ETH crypto in the market, but as long as it remains under 60, a stronger breakout should be ruled out for the moment.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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