The second largest crypto could be set to reverse in a big way, as Ethereum targets $3,000 in what would be a massive bounceback for ETH. The asset’s realized losses recently hit a 2024 high amid a recent crash. Yet, that could be in the rearview as the token looks to surge.
Investor outlook looks to be fueling immense momentum for Ethereum. Specifically, the sentiment seems to have shifted from selling to buying. An increase in investor confidence, and overcoming a lackluster ETH ETF debut could be key in ending August on a positive note.
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Ethereum Eyes $3,000 as It Attempts Massive Reversal
Ethereum has surprisingly faltered in August. Due in large part to the flash crash that took place earlier this month, the asset has failed to generate any momentum. Over the last 30 days, it has fallen more than 23%, according to CoinMarketCap. That has led it to mostly consolidate at its current $2,635 level.
That could be set to change. Indeed, Ethereum is targeting $3,000 amid a change in market sentiment that could be massive for ETH. Specifically, a pause in selling could be the difference maker. The token had faced significant offloading over the last three weeks. Therefore, leading the asset to register notable losses.
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The last ten days have seen that change. A small recovery sets the potential for an increase in motion. Moreover, the Market Value to Realized Losses (MVRV) indicator only reinforces that potential. If accumulation becomes the dominant behavior from traders, there could be positives in store for the second-largest cryptocurrency.
For the last two weeks, ETH has been stuck between $2,540 and $2,680. That fuels an even greater likelihood that a breakout is on the way. The next resistance for the token is at $2,930, which would lead to even further gains. The ability to reach that level shows the potential for ETH to drive even higher, touching $3,300.
That would mark a full recovery from the late July fall. Yet, all eyes are on how it performs along the $2,930 mark. If it is unable to break through, it could continue consolidating. That would then invalidate any bullish sentiment that forms in the short term.