As the majority of the cryptocurrency market continues to trade largely sideways, Ethereum (ETH) has been demonstrating bullish signs that it could see its price get close to an important psychological level of $3,000, at least briefly, before possibly pulling back again.

Specifically, according to the chart pattern analysis and prediction by pseudonymous cryptocurrency trading analyst Altcoin Sherpa, Ethereum could “go as high as near $3,000 before a pullback,” as the crypto expert said in a tweet shared on July 11.

Indeed, the chart analysis posted by Altcoin Sherpa suggests that the currency of the Ethereum ecosystem could potentially first surpass the resistance at $2,143.29, followed by the next level at $2,764.81, peaking near $3,000 after which it could continue upward before declining.

Furthermore, the analyst stated that it was not yet clear just how far this pullback would go, but that macroeconomy would play a major role. However, the second-largest cryptocurrency by market capitalization was “still bullish for now,” according to the analysis.

Ethereum price analysis

At press time, Ethereum was changing hands at the price of $1,885.91, which represents a 1.03% gain in the last 24 hours and an increase of 7.81% across the previous 30 days, despite losing 1.9% on its weekly chart, as per the most recent data retrieved by Finbold on July 12.

Meanwhile, Ethereum’s advance could take place under the influence of multiple factors, one of which is the Tesla (NASDAQ: TSLA) and Twitter (NYSE: TWTR) CEO, Elon Musk, supporting the bold prediction on the future of the crypto market that could see both Ethereum and Bitcoin (BTC) surge massively.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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