Ether's price surged over 2.5% on May 18, reaching $2,536 and triggering optimism among traders that it could hit $3,000 in May. The cryptocurrency market saw significant liquidations, with over $158 million in leveraged positions liquidated in the last 24 hours, including $22.25 million in short Ether liquidations. This sudden move caught short traders off guard, with $7.5 million being wiped out in just one hour.

Analysts are divided on Ether's next moves. Some believe the recent drop was a technical correction before a continued uptrend towards $3,000 and beyond. The weekly Stochastic RSI indicator suggests that Ether still has room to move higher. Meanwhile, others, like pseudonymous analyst Chimp of the North, suggest a retracement to $2,400 before another rally to $3,000-$3,300.

Crypto Patel projected a potential drop to $1,800 for Ether before a bullish re-entry opportunity towards $4,000-$5,000. The analyst emphasized the importance of price holding at the $1,800 level for the next leg up. These varying opinions reflect the uncertainty and volatility in the cryptocurrency market.

Looking ahead, ETH's price action is still displaying a bullish pattern with a bull flag on the four-hour timeframe. The bull flag pattern suggests a potential target of $3,720, indicating a 50% increase from the current price. However, the Relative Strength Index (RSI) dropping from 60 to 42 in the last 24 hours indicates a possible continuation of the correction.

It's essential to note that investing in cryptocurrencies carries risks, and market movements can be unpredictable. Traders and investors should conduct their own research and consider their risk tolerance before making any investment decisions.

Moreover, Ether's potential for new all-time highs around $5,000 is backed by factors such as AI adoption, spot ETF inflows, and recent upgrades through the Pectra network, indicating a positive outlook for the cryptocurrency in the long term.

In conclusion, the crypto market is experiencing an exciting period with Ether's price movements and analysts' diverging opinions on its future trajectory. The coming days will be crucial in determining whether Ether can maintain its upward momentum towards new highs or face further corrections.

Source: https://cointelegraph.com/news/ethereum-3k-in-may-eth-price-still-more-gas-3k?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound