Ethereum Breaks Patterns: Will ETH Price Break $3,000 or Consolidate?

The post Ethereum Breaks Patterns: Will ETH Price Break $3,000 or Consolidate? appeared first on Coinpedia Fintech News

Ethereum is now the talk of the crypto town again. This time around, the buzz comes from the dramatic rise of ETH inflows into accumulation wallets, suggesting long-term holders are betting big on the ETH price. Further pushing this sentiment, CoinGlass data indicates that Ethereum’s open interest in the derivatives market has climbed nearly 17% to reach an ATH of $33.12 billion. With this, are you keen on ETH price movements in the short term? This Ethereum price analysis is a must-read for you. 

Ethereum (ETH) Price Analysis:

Ethereum price today is presently changing hands at $2,626.74, with a +4.45% intraday gain. That’s not all, the price is up +43.01% over the past week, +56.73% over the past month, and 92% in just 35 days. This momentum has lifted ETH above its 200-day EMA of $2,436, a crucial long-term support level, and it is now testing the 50% Fib retracement close to $2,700.

The trading volume since yesterday has surged by over 33.50%, hitting $36.82 billion, while the market cap rose to $316.95 billion. As evident from the chart, Ethereum has also broken out of a falling channel pattern, which further banks on the bullish outlook. Talking about the next big move, if ETH clears the pivotal resistance at $2,800, then the $3,000 psychological barrier could be on the horizon.

Read our Ethereum (ETH) Price Prediction 2025, 2026-2030 for long-term price targets!