Key Insights
- •Ethereum hits $3K, marking a key accumulation zone and potential bounce point for investors.
- •Major ETF outflows and reset in open interest suggest stability in the long-term market.
- •Ethereum's long-term target remains $10K-$15K, driven by blockchain growth and strategic accumulation.
Ethereum has recently hit the $3,000 mark, in line with predictions from key analysts in the crypto market. This move has left many investors reflecting on the next steps for Ethereum’s price movement.
Key Levels to Watch for Ethereum Price Action
Ethereum’s current price of around $3,000 has been noted as a potential support zone, marking the first major accumulation zone for investors. The area around $3,000 is considered a bullish order block, with analysts suggesting that it could hold as the first major support. If the price fails to hold this level, Ethereum may be poised to drop further, with the next levels of support around $2,400.
Ethereum’s price movements are also closely tied to key Fibonacci levels. At the 0.5 Fibonacci level, Ethereum could hit around $2,621, while the 0.618 Fibonacci level places it near $2,255. These levels are expected to provide significant buying opportunities for long-term holders. Crypto Patel noted, “If ETH sweeps into these FIB/FVG pockets, that becomes the high-discount, prime long-term accumulation zone.”
Ethereum ETF Outflows and Its Market Impact
Last week, Ethereum saw a substantial outflow of $728.3 million from its ETF, with BlackRock contributing to the sale by offloading $421.4 million worth of Ethereum. This comes as Ethereum's price is currently down by over 5% in the past 24 hours, sitting at around $3,023.63. Such outflows suggest that some institutional players are taking profits or reassessing their positions.
This may bring stability to the market in the long term as less leveraged speculation takes place.
Ethereum’s Long-Term Potential: Targeting $10K to $15K
Despite recent volatility, many analysts remain optimistic about Ethereum’s future growth. According to technical analysis, the long-term price target for Ethereum is projected to range between $10,000 and $15,000. This view is based on Ethereum’s continued development and the overall growth. As Crypto Patel suggested, “Stay patient. Stick to structure. Accumulate smart, not emotional.”
For those who missed the initial shorting opportunities or have been waiting for a better entry point, the current levels offer potential for long-term accumulation. With its current support zones and future potential in the blockchain space, Ethereum’s path to higher prices remains intact.