Ethereum’s bullish momentum has intensified this week, propelling its price toward the significant $3,000 threshold. This upward trend is fueled by a consistent breakout from descending trendlines and a decisive reclaim of previous resistance zones. Currently, ETH is trading around $2,980, reaching a new local high with bullish signals evident across various timeframes.
What’s Happening With Ethereum’s Price?
On the daily chart, Ethereum price has successfully surpassed the $2,715–$2,750 resistance band and broken through a descending trendline that has been limiting upside potential since early April. This advancement follows weeks of base formation and accumulation within the $2,400–$2,600 range.
Currently, the price is testing the next major resistance near $3,000, coinciding with the Fibonacci 0.618 retracement level at $3,081 from the November 2024 swing high. The breach of previous supply zones and the bullish Break of Structure (BOS) above $2,650 have reinforced the structural reversal, which is further supported by increased momentum and volume.
The weekly structure also corroborates this movement. Ethereum has recorded its strongest bullish candle in recent times, signaling a potential continuation of the upward trajectory. Analysts suggest that the bullish momentum might persist if the price successfully breaks through the $3,000 resistance level.
For more details and insights on Ethereum’s price predictions and analysis, visit CryptoRank.
