Ethereum (ETH) has seen an incredible rally over the last few days. The second-largest crypto project by market cap is currently one of the best-performing cryptocurrencies among the top 100 projects. ETH’s price has rallied 8.7% in the daily charts, 46.3% in the weekly charts, 47.5% in the 14-day charts, and 63.3% over the previous month. Let’s discuss if the asset can hit $3000 this week.
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Cryptocurrency Market Makes Another Upward Push
The crypto market faced a slight correction yesterday. Bitcoin (BTC) briefly fell to the $101,000 level. The asset has since reclaimed $103,700. BTC’s resurgence may have led to a market-wide recovery.
Ethereum’s (ETH) latest upward momentum is likely due to the network’s long-awaited Pectra upgrade. The Pectra upgrade was the most feature-packed update to date. The upgrade has likely led to a boost in ETH investor sentiment. The asset has outperformed even Bitcoin (BTC) over the last few days.
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There is a possibility that ETH’s rally will continue over the coming days. The Federal Reserve may cut interest rates after its next meeting. The move could lead to a surge in crypto investments.
Will Ethereum Reclaim $3000 This Week?
ETH’s price has to rally by 12.23% to hit the $3000 target. ETH has not traded above $3000 since early February of this year.
According to CoinCodex analysts, Ethereum (ETH) may face a correction over the coming days. The platform anticipates the asset’s price to fall to $1462.98 on May 24. ETH’s price will dip by 45.27% if it falls to the $1462.98 mark.
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There is also a possibility that Ethereum (ETH) will not face a correction. The asset could continue its upward momentum if BTC remains in the green zone. BTC hitting a new all-time high could lead to another market-wide rally.