Ethereum’s value has surged by 2.82%, with current prices hovering around $2,700. Over the past ten days, the cryptocurrency experienced a cumulative increase of 10%, signaling a reversal of its lackluster performance since August. This positive trajectory has sparked speculation that Ethereum might achieve the $3,000 mark within October.
What Causes Ethereum’s Price Surge?
Several factors are propelling Ethereum’s recent gains. Bitcoin recently broke through the significant resistance level of $65,000, resulting in considerable growth for Ethereum and other leading altcoins. Additionally, the end of a downward-trending third quarter has provided further impetus to Ethereum’s rise. Moreover, the usual volatility at month’s end has contributed to a notable 10% increase in Ethereum’s value over the past ten days.
Will Short-Term Adjustments Occur?
Short-term corrections could be on the horizon for Ethereum. Based on 30-day Market Value to Realized Value (MVRV) data from Santiment, which is approximately 6.5%, prior price adjustments have typically ranged between 6-10%. Furthermore, Bitcoin’s weaker weekend performances, losing its $66,000 pricing during the article’s drafting, suggest that investors might need to be cautious.
Key insights derived from the current market data include:
- Ethereum’s trading range is between $2,309 and $2,820, with a critical peak at $2,702 from September 23.
- A potential price correction could occur if buyers fail to sustain momentum at this level.
- The cryptocurrency might retract to a demand zone between $2,252 and $2,440 if momentum falters.
- October historically trends bullishly for crypto markets, offering buying opportunities before testing resistance at $2,820 again.
Ethereum’s outlook appears more favorable than it did a month ago. Technical analysis suggests the potential for ETH to breach the $3,000 level, although short-term correction risks persist. Investors might target subsequent key levels around $3,352 and $3,497 if Ethereum reaches its anticipated price targets.