Ethereum price breaks through $3,000. Is there hope for further upside in the short term?

Bitpush terminal data shows that the price of ETH has finally broken through the $3,000 mark, reaching $3,067 at press time, up 3.03% in the past 24 hours. Although Ethereum has reasons to rise further, analysts believe that it will first retest lower levels.

Currently, global conflicts, rising inflation and general economic uncertainty are taking a toll on financial markets and helping to highlight the need for a diversified portfolio.

Here’s what several analysts in the market think about Ethereum’s future path and whether it’s poised for further gains in the short term.

Cryptocurrency analyst Michaël van de Poppe outlined the recent price action, posting the following chart showing that “Ethereum is moving upwards after holding a key level.”

“In my opinion, we are looking at $3,125 next,” van de Poppe said.

But not all traders are so quick to find higher price targets, with Twitter user “Chartpunk” posting the following chart highlighting Ethereum’s ten-day upward trend and warning against entering an overheated market.

“Don’t enter the market out of fear of missing out,” Chartpunk said. Based on the highlighted area on the chart, Charpunk is looking to re-enter around $2,975.

Crypto trader and Twitter user “Mad Max Crypto” offered a more cautious approach to the current price action, posting the following chart suggesting “neutral until above $3,287 mark.”

Twitter user “Altcoin Sherpa” posted the following chart, highlighting the series of higher lows and higher highs that Ethereum has been setting.

Altcoin Sherpa said, “I think you can make a case for a breakout of the market structure to the upside on the lower timeframe charts, but I personally am waiting for higher levels. Regardless, the fundamentals for ETH2.0 will soon become strong.”

Speaking of this last bit of analysis on lower price levels, crypto trader and Twitter user “Follis” posted the following chart, suggesting that ETH could see a pullback to $2,600.

“Most hourly timeframes are bullish and as long as we don’t close below $2,800, I expect more upside,” Follis said. “If there is a pullback, $2,600 is possible.”