Ethereum could skyrocket to $3,000 in Q2 2023 after closing the previous quarter with 55% gains.
The previous quarter ethereum posted gains of 55%. It had just hit rock bottom in June and after that it continued its recovery, including after the collapse of FTX, and the rise in interest rates.
As of April 2, ETH price is testing its horizontal level resistance range ($1,700-1,820) for a potential breakout move. “Whether a breakout will be confirmed if price closes above the resistance range while riding higher volumes”Cointelegraph argued.
In other words, the bullish price target for ETH is in the range of $3,350-3,900, depending on where traders see the rising trend line support of the triangle. This would suggest gains of 80% for June.
Conversely, a pullback from the $1,700-1,820 range risks delaying the bullish setup and resulting in a broader price correction.
On the other hand, the Ethereum whale accumulation remains strong. Most of the Ethereum whale cohorts have increased their accumulation of ETH in recent weeks.
Lastly, the MVRV Z-Score assesses when Ethereum is overvalued and undervalued relative to its “fair value”. As a general rule of thumb, the MVRV Z-score indicates a market top (red zone) when market value rises above realized value, while the opposite indicates a market bottom (green zone).
Ether’s previous price rallies coincide with its MVRV Z-Score rebounding from the green zone, suggesting the same could happen in the next three months.
Source: Ambito
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