Ethereum Breaks Resistance with Surging Volume – $3K Next Stop?
ETH bulls are back in the driver’s seat as price action accelerates on heavy trading volume. The $3,000 psychological barrier now looks like a pit stop rather than a roadblock.
Market momentum defies the usual summer doldrums—proof that crypto never got the memo about traditional finance’s ’efficient markets.’ Traders are piling in, betting this rally has legs beyond just another dead-cat bounce.
Will institutional FOMO finally push Ethereum past its previous ATH? Or will Wall Street’s usual ’buy high, sell low’ instincts kick in first? Either way, the charts are screaming higher—for now.
Blobs are datasets used by layer-2 chains primarily – e.g. Arbitrum – to process transactions at a lower cost. The maximum number of blobs was raised from 6 to 9 to improve the efficiency of L2s.
In addition, ETH’s price could become a deflationary token as a result of Pectra as a portion of gas fees will now be burned to limit the rate at which ETH’s circulating supply grows.
If this growth rate turns negative, it could have a positive impact on the token’s price in the NEAR term.
Ethereum Could Rise to $3,000 After This Strong Buy Signal
In the past 30 days, ETH has beaten all other top 5 cryptocurrencies by producing gains of 42.6%.
The price action shows that ETH’s exponential moving averages (EMAs) sent a strong buy signal both on May 17 and 27 as the 9-day EMA and the 21-day EMA crossed above their longer-term peer – the 200-day EMA.
This crossover is known as a ‘golden cross’ and it tends to anticipate a favorable change in an asset’s short-term trend from bearish to bullish.
In ETH’s case, the last time the 21-day and 200-day EMAs posted a ‘golden cross’, the token ROSE by 19% less than a month later.
Momentum indicators don’t seem to favor a bullish outlook at the tim,e as they have been trending lower in the past few days. However, this is consistent with ETH’s latest price action, which shows that the market has entered a stage of consolidation as it prepares for the next move.
Consolidations tend to be interpreted as ‘accumulations’ as well, meaning that late buyers get the chance to scoop up the asset before its next leg up – or down.
If the price breaks out of its consolidation rectangle, this WOULD confirm a bullish or bearish outlook, depending on the direction in which it moves.
A 19% gain for ETH at this point would mean a push above the $3,000 psychological mark. This is still the outcome with the highest odds, but savvy traders may wait for a breakout to confirm this buy signal.
In the meantime, Bitcoin (BTC) has made a new all-time high and BTC Bull Token (BTCBULL), one of the best crypto presales of the year, is now closer than ever to distributing its first milestone-based reward to investors.
BTC Bull Token (BTCBULL) Will Burn a Portion of Its Circulating Supply Once BTC Hits $125K
BTC Bull Token (BTCBULL) provides passive income to bitcoin enthusiasts who believe that the price will continue to make new all-time highs in the near future.
This meme coin introduces an innovative reward mechanism tied to the performance of the top crypto.
Starting at a baseline price of $100K,
The first milestone is set at $125,000. Once BTC hits that mark, a portion of BTCBULL’s circulating supply will be burned automatically to foster scarcity and raise the price of the token.
Next up, once the price reaches $150,000, token holders will receive a direct Bitcoin airdrop.
To buy BTCBULL and start earning passive income, head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to invest.
Buy BTC Bull Token Here
The post ethereum price News: ETH Rises with Strong Volumes – Is $3,000 in Sight? appeared first on icobench.com.
