After a bullish weekly close, can Ethereum bulls close a monthly trade above $3000?

After the Fed's rate cut surprised the entire traditional financial space, the market conditions are changing somewhat. Bitcoin's price has sparked a significant run, but with Ethereum trading at a slower pace so far, altcoins are on the verge of outperforming the major tokens. However, ETH's recent price action suggests that the second largest token is set to show a higher price action, which is believed to reduce bearish pressure.

The technicals suggest that Ethereum is experiencing continued capital inflows, which suggests that it may move higher in the short term. Now the price of ETH has regained $2500, the price is expected to rise until it reaches the next target at $2800. Does this suggest a good time to invest in Ethereum, because a big increase is expected to start from now? But the question is, will the rally rise above $3000 and continue, which seems to be under strong bearish influence?

The price of ETH on the weekly chart is trading in critical resistance and support levels between the 50-day and 200-day MA, aiming to break above the previous MA. Bullish odds remain high as the weekly RSI rebounds before reaching its lows, with DMI levels poised for a major crossover. However, the technicals suggest that the price may take some more time to recover from the bearish impact.

When will the price of ETH go to $5000 a bull?

First, the price needs to flash above the $2600 necessary resistance, to close the current weekly close. Secondly, the token must withstand bear intervention and maintain a healthy upward trend until the end of the month. A rise above $2,800 may be imminent, which could push prices above $3,000 in the first few days of Q4. As Ethereum (ETH) price looks set to recover higher targets, this trade setup looks possible.