Ethereum is currently in a typical accumulation phase after a recent adjustment, with the current target being $3,000. After dropping to $2,116 20 days ago, ETH has experienced a significant price surge, recovering to a higher level, indicating an increasing call momentum.

This accumulation phase has attracted widespread attention, and the recovery from the recent low point has sparked new optimism. This potential rebound is an important milestone in the current market cycle of Ethereum, reflecting its strength and investors' confidence in its long-term value. As Ethereum continues to accumulate and consolidate, the market is preparing for possible major breakthroughs, setting the stage for new highs in the near future.

Ethereum price starts downward correction.

Ethereum price continues to rise, breaking through the $2,750 resistance level. Before the appearance of bearishness, ETH even climbed to over $2,800. The price formed a high point at $2,820 and then began a downward correction similar to Bitcoin.

The price fell below the $2,780 level. It broke through the 50% Fibonacci retracement level of the upward wave band from the swing low of $2,535 to the high of $2,820. In addition, on the eth/usd hourly chart, the price broke through the key call trendlines, with the resistance at $2,740.

The Ethereum price is currently below $2,740 and the 100-hour simple moving average. However, bulls may remain active near the $2,645 support level. It is close to the 61.8% Fibonacci retracement level of the upward wave band from the swing low of $2,535 to the high of $2,820.

If it rises again, the price may face resistance near $2,720. The first major resistance level is near $2,740. A closing price above $2,740 may push Ethereum towards the $2,820 resistance level. The next key resistance level is near $2,880. Breaking through the $2,880 resistance level may drive the price up to the $3,000 resistance level in the short term.

The structure of Ethereum price indicates an imminent breakthrough.

After a relatively long period of consolidation, ethereum seems poised for higher prices. ETH may retest the lower demand at $2,611 and then target the important $3,000 level. The 4-hour chart indicates that this consolidation phase has reached a critical point, with significant moves possibly on the horizon.

The $3,000 level is not just a psychological barrier; it has also acted as support in recent months until it was breached earlier this month, making it a key resistance level. If ethereum successfully breaks through this level and consolidates, it may pave the way for a sustained upward trend.

This anticipated breakthrough may usher in a new bullish phase for ethereum, as the market looks to break free from the recent stagnation and move towards new highs. The next few days are crucial for ethereum's direction.

ETH Technical Analysis

Ethereum is trading at $2,698; its next move could go in either direction. ETH may retest the lower demand around $2,500 and then attempt to push towards the $3,000 level. This retest would lay a stronger foundation for a sustained upward trend. However, given the recent volatility, ethereum could also bypass the retest and push towards $3,000.

Volatility indicates that anything could happen, and rapid price movements demonstrate this unpredictability. One key technical level to watch is the daily 200 Exponential Moving Average (EMA), currently at $3,026. This EMA acts as a resistance point, and a breakthrough of this resistance would strongly indicate ethereum's continued uptrend.

In short,

Currently, ethereum's price is correcting the uptrend around the $2,820 resistance level. Unless the closing price falls below the $2,645 support level, ETH may rise again. Meanwhile, after a relatively long period of consolidation, ethereum is expected to test the lower demand again, then target the $3,000 level, as this consolidation phase has reached a critical point. In conclusion, there is limited short-term upside potential expected, but in the long term, as the correction consolidation ends, this will lay a stronger foundation for a sustained uptrend, and it is expected that ETH will continue to target the $3,000 level, laying the groundwork for further bullish momentum and reaching new highs.