Connect with us
Active Currencies 18144
Market Cap $4,124,475,803,302.50
Bitcoin Share 57.54%
24h Market Cap Change $-2.61

Is Ethereum’s $3.3K target achievable? New data implies…

1min Read

Here are the odds of ETH crossing $3K before U.S. elections…

Is Ethereum's $3.3K target achievable? New data implies…
Share this article

  • ETH chalked a bullish reversal pattern. 
  • Option data was less optimistic about an ETH breakout before the U.S. elections. 

Ethereum’s [ETH] price has remained resilient amid raging FUD in the past few months. The largest altcoin netted 12% in its latest recovery, rising from the $2.3K support to a high of $2.6K. 

According to Peter Brandt, ETH could explode even further amid an inverse head-shoulder pattern—a bullish reversal formation. 

Ethereum

Source: Peter Brandt

Can ETH cross $3K?

In most cases, a breakout above the neckline resistance ($2.7k) in the head-and-shoulders pattern can hit a target equivalent to the height between the head and neckline. 

For ETH, that would mean about $3.3K. The target coincided with the bearish Order Block (OB) and resistance level marked white. 

Ethereum

Source: ETH/USDT, TradingView

However, ETH’s demand was still significantly weak, which could delay Brandt’s projection. Since late September, the Coinbase Premium Index, which gauges U.S. investors’ appetite for ETH, has been in the negative territory. 

Historically, high U.S. demand tends to coincide with a strong uptrend for ETH. Whether the latest Vitalik Buterin roadmap for ETH will change market sentiment remains to be seen. 

Ethereum

Source: CryptoQuant

That said, the options market was less optimistic about ETH crossing $3K before the U.S. elections in November.

According to Deribit data, there was only an 8.6% chance of ETH hitting $3K by the end of October, compared to a 31% chance by November. 

In short, options data suggested a higher chance of ETH breakout after the U.S. elections. 

ETH

Source: Deribit

Share
Benjamin Njiri is a Crypto Analyst and Journalist at AMBCrypto who specializes in technical analysis and identifying emergent market trends. He excels at breaking down complex chart patterns and on-chain data to make them accessible and actionable for investors. His rigorous analytical approach is founded on his academic background as a Telecommunication Engineering graduate. This discipline has equipped him with an expert understanding of signal processing and data analysis, allowing him to systematically filter market noise from true trend signals with engineering precision. Armed with this unique perspective, Benjamin focuses on providing clear, data-driven insights into the digital asset landscape. His work is dedicated to demystifying the intricate world of cryptocurrencies, empowering readers to understand the forces that shape the market and to navigate it with greater confidence.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.
Thank you for subscribing to Unhashed.