Ethereum Soars Towards $3,000 on Historic Rally Patterns
Ethereum's price could reach $3,000 within days or weeks, according to an analyst who notes that the cryptocurrency has historically seen significant rallies after reaching certain price thresholds. When Ethereum hit $1,580 in early July, it was at a point associated with past gains of up to 202.66%. This level, also known as the launchpad, has preceded rallies of 35.48%.
The coin broke above its Market Value to Realized Value (MVRV) 0.8 pricing band at $1,800 in early August, which historically pushed Ethereum towards and even above its realized price of $2,245. Additionally, the MVRV momentum golden cross formed around this period, a signal that has been tested and approved with past upside moves of up to 166%.
Michael van de Poppe agrees that now is a good time to accumulate Ethereum, warning that waiting for another clearer sign may be a major risk due to the cryptocurrency's volatility. 'The ideal moment to be positioning yourself into $ETH is literally right now,' he says. 'Everybody is waiting for that ultimate confirmation, but that never comes.'
Achieving $3,000 will be no easy feat, as it is a significant resistance zone with over 10 million ETH traded in the past. Furthermore, while whale accumulation supports prices and feeds into retail FOMO, liquidity is telling a different story, with USDT liquidity having shrunk by $4 billion in 60 days.