Ethereum Price Targets ~$3,000 Before Potential Deeper Retrace
Ethereum's price has been on a bull run since July 2, and analysts have been bullish on the asset based on the Elliott Wave Principle and technical analysis. The latest update in August 21 tracked five gray waves within green Wave 3, targeting $2,575-$2,755, contingent on holding $2,145.
As predicted, green W-3 topped $2,661 on September 11, and the price fell back into its sideways consolidation range of $2,360-$2,520. However, Ethereum has now pushed through this range and is working on the next leg higher of this impulse.
The measured move and impulse projection point to ~$3,000 as the ideal short-term target for green wave 5 of red W-i. The RSI(14) is at 68.29, and price remains above the 20-day, 50-day, and 200-day simple moving averages.
However, there are warning signs that a deeper retrace may be underway if the price falls below $2,427-$2,358. This could indicate that a second wave is taking hold and the price will retrace to around $1,900 before rallying again.