Ethereum Price Headed To $3.000? We Remain Positive Despite Drop

Ethereum rose last night course to almost $2.600, but now the new week starts with a drop to $2.373. This is a disappointment, but I remain optimistic about the future of Ethereum. In May I see the price easily reaching $3.000.

Just a technical correction

I consider the recent decline in Ethereum as a technical correction. The goal is to retest important support levels before we start the upward trend again towards $3.000.

A popular analyst has stated that Ethereum has “more gas left in the tank”, which I fully agree with. Based on the weekly Relative Strength Index (RSI) there seems to be enough momentum left before we reach the extremely overbought zone.

Should the price continue to fall, I believe $2.400 could be a potential bottom. Ethereum needs to find support here before we start that new rise to $3.000 to $3.300.

A deeper drop for Ethereum after all?

There are also voices that point to a deeper decline. Some analysts think that the price could possibly fall back to $1.800 before we move to higher levels. While that may be a worrying prediction, I think it is crucial to continue to monitor the situation.

The level around $1.800 is sometimes referred to as an attractive buying zone, but that is questionable. The current market cycle is not really helping to create confidence in Ethereum, and if the price drops further, confidence could easily be lost.

Frequently Asked Questions

What is the current Ethereum price?

The Ethereum price started the week with a drop to $2.373, after previously rising to almost $2.600.

Why do you think the recent decline is only temporary?

I see the drop as a technical correction aimed at testing support levels before the price rises back towards $3.000.

What could be a potential problem for Ethereum?

A deeper drop to $1.800 could undermine confidence in Ethereum, especially if the market cycle fails to gain momentum.