Ethereum Bulls Eye $3K as Fair-Value Gap Becomes Crucial Test
Ethereum's price has been hovering around $2,500 for several days, nearing its resistance zone known as the Fair-Value Gap (FVG), which spans from $2,500 to $2,700.
Bulls are seeking a breakout above this level, which could open the path to $3,000. Analysts believe that if Ethereum closes the week above the FVG, the way to $3,000 will be straightforward, and even $3,500 becomes plausible.
Alex Marzell, a crypto charter, highlighted the significance of breaking through this monthly FVG with a single weekly candle body and closing above it, which would give Ethereum very little stopping a new ATH.
Other analysts have floated similar theories if Ether's price secures the $2,600 level. For instance, Ali Martinez noted a significant 116K Ether coin reduction in supply available to sell, suggesting that traders are opting to hold.