Ethereum (ETH) is heading towards the $5,000 level, despite the recent decline

Today, the spotlight was on Ethereum (ETH), the leading smart contract platform powering DeFi and NFTs.

We dive into the ETH price forecast, with analysis Our environment of contention. Here we share the latest analysis and market insights with over 1,500 members first.

Technical analysis of Ethereum (ETH) price.

Ethereum appeared to be rapidly heading toward $5,000 earlier this year, but then fell sharply and recently briefly dipped below $3,000. However, the $5,000 target is still in sight, as analysts recently explained in a Discord group:

“ETH has fallen exactly where we expected, in the blue zone between the 50% and 61.8% Fibonacci levels, or a range between $2,900 and $3,130. This is where Ethereum may have reached its lowest point and gathered the necessary liquidity.

We do not expect many surprises for the price in the short term and remain positive in the long term. Once the price starts to rise again, we will return our focus to targets around $5,000.

This shows us that despite the recent decline, ETH maintains its strength and we remain optimistic about future price developments.

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