Ethereum Aims for $2,650 Resistance – Will It Still Reach $5K After Its Worst Q3 in 5 Years?

Ethereum (ETH) has faced significant turbulence in recent months, marking its worst third-quarter performance in five years. Despite this, market analysts still believe the cryptocurrency may recover and target the $5,000 mark. 

Currently, Ethereum (ETH) is trading below the critical $2,650 resistance zone, sparking debates about whether it can regain its momentum.

As per reports from Coingape, Ethereum’s(ETH) price decline has been driven by a mix of external factors, including macroeconomic concerns and rising competition from other blockchain networks. 

The cryptocurrency’s recent slump came after the Federal Reserve’s interest rate hikes, which impacted investor sentiment across the broader crypto market. Moreover, Ethereum’s on-chain activity has not shown significant growth, adding to the bearish outlook.

At this time of writing, Ethereum (ETH) is trading at $2,439.25, reflecting a 4.49% increase in the last 24 hours. 

Despite this, there is still optimism in the market. According to West Island Blog, Ethereum is showing signs of recovery as it edges closer to the $2,650 resistance zone. Breaking through this level could serve as a key bullish indicator, sparking a new wave of investor interest. If Ethereum manages to clear this hurdle, it could potentially pave the way for further gains, reigniting hopes of a $5,000 target.

Although Ethereum’s third-quarter performance has raised concerns, historical patterns suggest that the cryptocurrency has the resilience to recover from significant downturns. With the upcoming Ethereum 2.0 upgrades and increasing institutional interest, Ethereum could regain its bullish momentum in the near future.

In summary, while Ethereum has faced a challenging Q3, its future trajectory depends on breaking key resistance levels and benefiting from positive developments in the crypto space. Reaching $5,000 remains plausible, but only if favorable conditions align.