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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Here’s How Ethereum Could Jump To $3,000 In The Next Few Weeks

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETH ETHUSD

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Ethereum has been experiencing high volatility in the daily chart. At the time of writing, ETH trades at $2,240 with losses in lower timeframes.

Ethereum ETH ETHUSD
ETH moving sideways in the daily chart. Source: ETHUSD Tradingview

In the 7-day chart, Ethereum shows some profits. The second cryptocurrency by market cap has been leading the charts with a 13.4% during the last week. ETH has outperformed Bitcoin and most of the cryptocurrencies in the top 10.

In mid-July, Ethereum will implement Hard Fork London and will change its fee model with EIP-1559. This proposal will introduce a base fee and a tipping mechanism, the former will be set at a fixed amount and will be burn as part of the new model. This event will turn ETH into a deflationary asset.

Thus, many investors expect ETH to see higher demand as its supply diminishes and its scarcity rises. However, in the short term, Hard Fork London could have the opposite effect and operate as a “buy the rumor, sell the news” event. Trader Justin Bennett said:

EIP-1559 is huge for Ethereum. No doubt about that. However, watch for a buy the rumor, sell the news type event when it launches in July. The more $ETH rallies before the launch, the more likely this becomes. Smart money doesn’t chase the news.

This theory could explain the reason why ETH’s price has been outperforming almost every major cryptocurrency. At its current levels, Bennett added recently, ETH’s price sits at its June trend line. The cryptocurrency was rejected after reaching a daily high of $2,350.

Ethereum ETH ETHUSD
ETH sitting at June trend after rejection in higher levels. Source: Justin Bennett

Ethereum, These Are The Levels To Watch For A New Rally

Despite its recent pump days, Ethereum seems to have no clear direction and could see fresh lows, if it continues to be rejected around its current levels. Next weeks could be decisive for the bulls if they managed to secure a clear breakout from ETH’s price current range.

Economist and trader Michaël van de Poppe believes ETH should consolidate further at its current price and hold above $2,000. In doing so, it could retest the $2,300 and $2,400 area. A move beyond this resistance could send ETH into the $3,000 price mark, as seen below.

Ethereum ETH ETHUSD
Source: Michaël van de Poppe

If it breaks downwards, bulls could have another chance for a bounce around the $1,987 area. Otherwise, the price could tank further into the $1,700 and even $1,400 area.

In the ETH/BTC trading pair, ETH must flip the 0.063 sats region. If this level is clear and hold, van de Poppe expects appreciation towards the 0.075 region, as seen in the chart below.

ETH ETHUSD
Source: Michaël van de Poppe
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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