Ethereum (ETH) Forecast: Price Rises Toward $3,000 as Buying Interest Strengthens Momentum

Ethereum (ETH) gained as new buying interest drove it towards a key resistance level at $3,000, with a focus on holding short-term levels. Consecutive positive closes were seen with a focus on sentiment improving for the next move.

At the time of writing, ETH is trading at $2,999.31 with a gain of 2.20% over the last 24 hours. The volume is at $41.60 billion, and the market capitalization has risen to $362.07 billion. This shows that there is increased activity as the price is tightening around a significant level.

Source: CoinMarketCap

Ethereum Rises on Crypto Momentum

Crypto analyst, CRYPTOWZRD, noted that Ethereum closed the day on a positive note, supported by a strong ETH/BTC. According to the market commentator, if ETH/BTC continues to rise, this will present short-term trading opportunities in Ethereum. A strong close above $3,060 will boost the upside momentum.

Source: X

Ethereum and the ETH/BTC pair ended the day with higher closing prices for the day, indicating a strong hold for the buyers. According to the analyst CRYPTOWZRD, the ETH/BTC pair needs more positive confirmations.

A breakout above the descending lower high trendline may lead to further momentum, which could potentially take ETH’s price to the resistance level around the $3,700 zone. Until then, the focus is on the price action on the lower time frames.

ETH Intraday Moves Spark Interest

Within the intraday period, the price action of ETH has been volatile and range-bound. A retest and rejection at the $3,060 price point could lead to further pressure, while a break above this point may create a route towards the $3,280 resistance.

Market dynamics, such as the dominance of Bitcoin, will likely play a role in the price action of Ethereum.

Also Read | Ethereum (ETH) Gains as Bitmine Stakes $610 Million Signaling Institutional Confidence

ETH Holds Range Before Momentum

Meanwhile, CryptoPulse highlights that Ethereum is still in a balanced range, with $2,900 firmly supporting it. The price action in this zone is important, as ETH tends to spike after momentum starts. As such, investors wait to see what’s next as volatility decreases in support.

Source: X

Overall, from a technical point of view, ETH is still at a juncture where its price is likely to be affected by its movements above resistance levels, rather than speculation.

Also Read | Ethereum Transactions Hit All-Time High as Fees Stay Historically Low