Ethereum Targets $3,000 Before Possible Deeper Correction

Ethereum is on track to reach $3,000 in the short term, according to technical analysis. This target is based on both the measured move and impulse projection methods, which suggest that green wave 5 of red W-i will complete at around this price.

Currently, the RSI(14) is at 68.29, indicating that Ethereum's price remains above its moving averages. The MACD is also positive, but it is flattening and shows possible negative divergence, which could signal a pause in the rally followed by another wave up.

The warning levels for bulls are $2,661, $2,564, $2,480, $2,427, and $2,358. If Ethereum holds above $2,480, the path of least resistance remains towards $3,000. However, a break below $2,427-$2,358 would suggest that the five-wave impulse is over and a deeper retrace to around $1,900 is underway.