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  • Ethereum price smashes through $3000 psychological level for the first time since May
  • More upside is expected as bulls take charge of ETH
  • Long term predictions seem healthy

The Ethereum price has fulfilled our recent expectations and sailed past the crucial $2800 and $3000 resistance levels to settle at $3100. The bullish expectations that have long been in place for Ethereum finally came to fruition with a 10% rise over the past 24 hours.

After reaching the $3166 level on 7 August, the Ethereum price retraced slightly today to the $3120 level although the decline appears to be expected. The bullish expectations are set to continue with the next ETH target being at the $3500 mark where considerable resistance is to be expected.

Although the Gensler speech could have put a damper on the short-term expectations for the Ethereum price, this does not appear to be the case. Ethereum is up by over 20% from its Aug 3 level of $2500 which is a considerable achievement.

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Short Term Prediction For Ethereum Price: More upside expected

With the cryptocurrency market in a serious bullish mode, the Ethereum price is expected to continue rising accordingly. The next resistance level for ETH would be the $3500 level from where a springboard to the $3800 is expected to occur. With buying interest once again very strong, this seems to be the next logical step for the Ethereum price.

If a bearish thesis were to happen, then the Ethereum price would have to sink below the $3000 level before any crash would occur. With sellers entering, a large dump could occur pushing ETH all the way down to the $2500 level or the 3 Aug price point.

This does seem to be a very unlikely occurrence for a number of reasons. The most forceful of which is the fact that bulls have once again taken control of the market after a prolonged two-month bearish period.

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Long Term Prediction For ETH: Onwards and Upwards

Ethereum is actually up by a staggering 72% since the July 20 low of $1776 and the forward momentum shows no signs of stopping. If the second-largest cryptocurrency by market cap manages to tag the $3240 resistance point, then it will continue going up. A retracement to the $2650 level may be possible if this fails to hold but looks unlikely.

It seems that investors are once again piling into the cryptocurrency market with strong returns being the key here. Analysts are forecasting a return to $4K Ethereum prices perhaps by the end of September and possibly $5000-$6000 levels by the end of the year.

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