Ethereum (ETH) price has regained its bullish trend following the breakout above the $2,400 resistance level with a robust 32% week-over-week gain. Traders are growing more confident as Pectra upgrade success, the upcoming listing of ETH futures on Brazil's B3 exchange, and institutional purchases by the likes of BlackRock all play their part in driving up demand and inflows. Will this push Ethereum to $3,000?
The Pectra upgrade has also been a primary driver, with backing for network performance and the addition of fresh investment. Concurrently, the largest stock exchange in Brazil, B3, has announced listing Ethereum (ETH) and Solana (SOL) futures contracts on June 16 with the CVM's (Brazilian SEC) official seal of approval. This follows last year's launch of Bitcoin Futures and demonstrates increasing institutional interest in ETH exposure in regulated environments.
Fueling more bullish expectations, Wall Street giant BlackRock recently sat down with the SEC's crypto task force to debate staking in crypto ETFs and tokenizing real-world assets. Such meetings are an indication of eventual institutional adoption and innovation in crypto-based financial tools—a constructive development for bulls.
As crypto analyst Ali Martinez explains, the asset has broken through a significant resistance level at $2,380, a region of high density of already bought tokens. The break indicates strong buying pressure, lowers short-term selling pressure, and yields to higher gains.
Ethereum is now showing strong bullish strength, breaking out of a long downtrend channel. The breakout is corroborated by the major technical indicators, such as the Relative Strength Index (RSI) at 81.97, which, although showing high momentum, indicates slightly overbought levels.
Source: TradingView
Also, a bullish MACD crossover reinforces the continuation of the trend higher, and heavy volume at the breakout adds to the confirmation. The altcoin has already risen higher through the 23.6% Fibonacci retracement level of $2,031 and is heading towards the 50% retracement zone of $2,747. Remaining above that level may bring a rally to the 61.8% Fibonacci level of $3,066 and then on to the 78.6% level of $3,521. With strong technical backing and favourable fundamentals, the altcoin appears well-positioned to test the psychological $3,000 mark in the near term.
From a scenario point of view, if the altcoin remains at $2,150 over the weekend and the overall sentiment remains upbeat, a continuation to $2,500 and higher would be on the cards. However, a move below $2,100 accompanied by selling pressure would negate the bull case and drive the currency into a larger correction, to as low as $1,880 support.
Also read: W Coin Price Prediction: From Airdrops to Exchanges, What’s Next?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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