Ethereum (ETH), the second largest crypto project by market cap, has experienced a tremendous rally in recent days. The market-cap second-largest project is one of the 100 best performing cryptocurrencies. ETH’s price has rallied 8.7% in the daily charts, 46.3% in the weekly charts, 47.5% in the 14-day charts, and 63.3% over the previous month. Let’s discuss if the asset can hit $3000 this week.
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Cryptocurrency markets make another upward move
Yesterday, the crypto market experienced a small correction. Bitcoin (BTC), briefly, fell below the level of $101,000. It has now recovered its $103,700 value. BTC’s resurgence may have led to a market-wide recovery.
Ethereum’s (ETH) latest upward momentum is likely due to the network’s long-awaited Pectra upgrade. Pectra was by far the most comprehensive update. This upgrade is likely to have boosted investor confidence in ETH. In the last couple of days, ETH has performed better than Bitcoin (BTC).
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There is a possibility that ETH’s rally will continue over the coming days. Federal Reserve could cut rates at its next meeting. This could result in a boom of crypto investment.
Can Ethereum Reclaim 3000 Dollars This Week?
ETH’s price has to rally by 12.23% to hit the $3000 target. ETH prices have not exceeded $3000 in early February.
CoinCodex analysts believe Ethereum (ETH) could face a major correction within the next few days. The platform anticipates the asset’s price to fall to $1462.98 on May 24. ETH’s price will dip by 45.27% if it falls to the $1462.98 mark.
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Ethereum (ETH), on the other hand, is not guaranteed to experience a corrective action. BTC remaining in green territory could allow the asset to continue on its upward trajectory. BTC achieving a record-breaking high may lead to a further market-wide upswing.
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Source: watcher.guru
