Ethereum (ETH) traded in the mid-term range of $2,000 and repeatedly teased the move to $3,000. However, some crypto analysts believe it’s only a matter of time before ETH rises to more than $3,000.
Ethereum shows signs of new strength
In a recent X post, Titan from Crypto Analyst Crypto highlighted Eth’s bullish price action. Analysts share the next daily ETH chart, showing that cryptocurrency was destroyed from bullish flags after the integration period.
A fellow Crypto master Crypto analyst shared Titan’s vision, saying that ETH “bears really well now.” In another X post, the analyst added:
It looks like a breakout is coming, but $3K is right around the corner. The fact that it is outperforming #BTC This quarter is a strong indication that the Altcoin season is warming up.
Meanwhile, Crypto Trader Jelle encouraged patience. Sharing the next chart of ETH’s recent price transfer, he highlighted that ETH is behaving as expected as it continues to challenge important levels of resistance. According to Jelle, once ETH reaches $3,000, “real fun” begins.
In particular, ETH continues to attract strong institutional interest. Yesterday, Ethereum’s Etchange-Traded Fund (ETF) broke over $91 million yesterday, with BlackRock alone making up its total of $50.4 million, a clear indication of sustained trust in digital assets.
Veteran analyst Ali Martinez also highlighted a significant whale accumulation. According to Martinez, wallets holding 100,000 to 1,000,000 ETH in the last 48 hours have earned over 1 million ETH. This is a strong signal of long-term bullish emotions.
Large ETF influx and whale purchases demonstrate increased institutional trust and positive accumulation. By reducing the available supply in the market, these moves will help drive upward momentum and price increases.
Technical patterns show bullish continuity
From a technical standpoint, Ethereum shows it Encouragement sign. Crypto Trader Merlijn traders noted that ETH appears to follow closely the accumulation pattern of Wyckoff.
In this pattern, the spring phase includes a test to ensure that the sales pressure declines after the support of weak waving. This sets the stage for the jump. A strong rally that far outweighs resistance marks the beginning of a new uptrend.
According to Merlijn, ETH has already completed the spring and test phase and is poised to enter the jump Phase – Potentially sets the stage of movement Going towards The newest ever (ATH).
That said, all eyes are on the FTX creditor payments expected later today. Experts warn that a massive distribution of $5 billion will be temporarily possible I’ll moisten ETH’s bullish momentum by increasing short-term sales pressure. At press time, ETH will trade at $2,603, a 2.4% decrease over the past 24 hours.
Unsplash.com featured images, X and tradingView.com charts
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