Citigroup raises its 12-month target price for ETH to $3,028. The main reasons for being bullish are valuation and room for a rebound. But the $2,800 resistance level and net ETF outflows are two hurdles that must be cleared.
At the current price of $2,703, it is about 3.6% away from the $2,800 resistance. This is the line between bull and bear: only a breakout on high volume followed by a retest that holds would justify moving toward $3,028. If price keeps getting suppressed and ETFs remain in net outflows, then it’s still a range-bound market. Once $2,800 is confirmed as a breakout level, $3,028 becomes the upside target, with about 8% profit potential in between. #ETH
At the current price of $2,703, it is about 3.6% away from the $2,800 resistance. This is the line between bull and bear: only a breakout on high volume followed by a retest that holds would justify moving toward $3,028. If price keeps getting suppressed and ETFs remain in net outflows, then it’s still a range-bound market. Once $2,800 is confirmed as a breakout level, $3,028 becomes the upside target, with about 8% profit potential in between. #ETH