Ethereum price could break towards $3,000, with further upside amid buying interest likely to push it to $3,400
Ethereum is a top digital asset that’s second only to Bitcoin in terms of popularity, and one of the most invested in or purchased cryptocurrencies. After last week’s dip, it appears set to rally higher once more.
At the time of writing, the price of Ethereum is holding above $2,550 as buyers seek fresh gains to mirror the upside that saw the cryptocurrency rise 13% on bank holiday Monday. Although early morning deals on Tuesday have pared some of the gains, ETH/USD is still green and is hovering above the crucial $2.5k support level- nearly 4% higher on the day.
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Why is ETH a buy?
There’s a fresh upside building up, with sentiment turning positive as several analysts project a breakout to $3,000-$3,400 range. According to crypto investor Luke Martin, Ethereum could see a rally similar to the one observed in January if an uptrend starts to strengthen from here.
Another analyst, @AltcoinSherpa, forecasts an uptick to $3,400 before a likely pullback to retest support levels above $2,900.
Looking at Ethereum’s trading volume in the past 24 hours, a total of over $29 billion worth of Ether have been traded. That represents an increase of more than 17% in buy-side pressure.