Ethereum Primed for $3K Surge as Bitcoin Momentum Fuels Altcoin Rally

Ethereum’s price is poised to break toward $3,000—riding the coattails of Bitcoin’s bullish charge. Traders are piling into altcoins as BTC dominance wanes, and ETH stands to benefit most.

Why Ethereum? The smart contract giant has historically mirrored Bitcoin’s rallies with amplified gains. This time? Wall Street’s latest ’flavor of the month’ crypto ETF hype might actually work in its favor.

Cynical take: When institutional money finally realizes ETH isn’t just ’Bitcoin with extra steps,’ the FOMO will be delicious—and late as usual.

Ethereum Price Could Gain Strength

Ethereum price remained in a range above $2,350 while Bitcoin traded to a new all-time high. ETH bulls were active near the $2,440 zone. A low was formed at $2,442 and the price started a fresh increase.

There was a move above the $2,500 and $2,520 levels. The price surpassed the 50% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low. Besides, there is a connecting bullish trend line forming with support at $2,500 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low.

On the upside, the price could face resistance NEAR the $2,620 level. The next key resistance is near the $2,650 level. The first major resistance is near the $2,720 level. A clear move above the $2,720 resistance might send the price toward the $2,840 resistance.

An upside break above the $2,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.

Another Drop In ETH?

If ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,525 level. The first major support sits near the $2,500 zone and the trend line.

A clear move below the $2,500 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,500

Major Resistance Level – $2,620