ETH Price Target Hikes to $3,000 as Bulls Eye New All-Time Highs

Ethereum (ETH) has been on an upward trajectory since July, and according to technical analysis using the Elliott Wave Principle, it's likely to reach $3,000 before a potential pullback. The current wave count suggests that ETH is working on its next leg higher, with both measured move and impulse projections pointing towards this target.

The RSI(14) is at 68.29, and price remains above the 20-day, 50-day, and 200-day simple moving averages, providing a constructive backdrop for further gains. However, the MACD is flattening, showing possible negative divergence, which could indicate a 4th-wave pause followed by a 5th-wave rally.

The warning levels for bulls are at $2,661, $2,564, $2,480, $2,427, and $2,358. If ETH holds above $2,480, the path of least resistance remains towards $3,000. A break below $2,427-$2,358 would suggest a deeper retrace to ideally $1900 +/-100 is underway.