Ethereum Races Back Above $2k, Traders Believe ETHUSD Will Reach $3k
The ETH/USD price is back above $2k, after temporarily dipping below $1.8k mid-this week. Accordingly, the expansion drew confident traders who now say the ETH price will likely reach $3k in the next few months. There are presently many developments in Ethereum to support their projections. From being a leader in DeFi, the pioneer network also leads in NFTs.
Ethereum is the most adopted smart contracting platform that's decentralized. It is also supported by Grayscale. Its trust, the GETHE, is also SEC-reporting. As such, it is easier for institutions and wealthy people to sink their millions into ETH, even holding this coin as part of their reserves. Besides, traders are hopeful that prices will break above current barriers to new levels. They pin this on Eth2, the expansion of NFTs and DeFi, and upcoming implementations gaining steam like migration to Layer-2, EIP-1559 other efforts to fine-tune the network's ecosystem.
Impact on the ETH Price:
Bullish. ETH/USD prices have support, and bulls repeatedly soaking sell pressure, pointing to building momentum, even support from whales. If ETH bulls sustain prices above $2k, the coin could tear to $3k.
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