Ethereum Stuck in Tight Range Unless This Happens

Ethereum has started the new week strong and investors anticipate great days ahead, but this depends on one factor. The coin must close above the $3,000 on the daily or the strong start will be invalidated and it returns to its former range.

Crypto analyst Ted says the coin needs this strong close to pump towards the $3,300 level which is another important level for Ethereum. On the contrary, a failure to close above $3,300 may trigger another drop to the $2,700 – $2,800 range, which will be a big negative to investors. 

Ethereum Shows Signs of Strength

The challenge ahead of Ethereum is that of closing the day above the $3,000, according to Ted. This seems easily attainable judging from the current state of the coin. Many other analysts believe it is poised to reach higher prices as it shows significant strength and momentum.

One analyst says the coin is on the verge of breaking a multi month trend that will potentially push the price towards $4,220. If this works out, the capacity to rise to even higher price levels will increase significantly, supported by a momentum the coin has built over several months as the market has been moving sideways.

Data reveals that Ethereum currently dominates the real world asset (RWA) market cap, accounting for over 92% of the $45 billion industry. This is significant growth that can strengthen the coin sufficient to sustain a price growth. Although this growth has been delayed for a long time due to a general weakness in the crypto market, those days may be coming to an end for Ethereum. 

The coin has held a key structure on the weekly chart that indicates much strength and momentum, which makes it likely to succeed in closing today above $3,000. Interestingly, Ethereum ETFs have also been loading up more of the asset, which is also another potential push that has prepared it for this time.

Ethereum Outperforms Top Assets

The strength of Ethereum is already being demonstrated in its current price action. While it is yet to establish firmly above $3,000, it is outperforming the top crypto assets including Bitcoin. The coin has gained over 3% in the last 24 hours, placing it in its own class as other assets are doing much worse.

If this momentum continues, closing above $3,000 may just be a walk in the park for Ethereum by the end of the day, and it could get set for a better week ahead.

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