đ Ethereum Explodes Past $3K: Is $3,450 the Next Stop?
Ethereum just torched the $3,000 barrierânow traders are eyeing a moonshot to $3,450. Here's why the smart money's betting on another leg up.
Gas fees vs. Lambos: The network's burning hotter than a DeFi degens's wallet after a leverage mishap. But this time, the charts aren't lying.
Whale watching: On-chain data shows institutional stacks accumulating faster than a VC's excuses during a bear market. Even the 'ETH killers' are taking notes.
Reality check: Sure, $3,450 looks tastyâbut remember what happened last time everyone 'called the top'? (Spoiler: shorts got rekt.)
One hedge fund manager sniffed: 'We'll believe the rally when they actually fix the gas fees.' Ouch.
- Ethereum crosses $3,000 backed by a massive volume spike, gaining 19.53% over the past week.
- RSI is at 73.88 and MACD stays bullish, but traders remain cautious of possible short-term profit-taking.
- ETH must hold above $2,800 to sustain its rally and potentially break resistance at $3,450 soon.
Ethereum (ETH) formally broke the $3,000 line and is currently trading at $3,044, up 2.44% in the past 24 hours. A massive increase in trading volume strengthens this rise, as it increased by 112.06% to hit $32.29 billion. The weekly increase is 19.53%, pointing out a healthy bullish ascent supported by investor confidence and market activity.
Source: CoinMarketCap
CoinCodeCap Trading highlighted that ethereum has scaled above its 200-day moving average of $2,516, a situation that technical analysts would term as crucial. Its asset is experiencing primary resistance at $3,000. Should Ethereum hold onto its gains above this mark, a new goal of a possible price level of $3,450 will be attained. The analysts indicated that such a breakout had the potential to mark a broader rally should the momentum hold.
The support areas are at $2,800, $2,400 and $2,100 with the resistance areas being at both $3,000 and $3,450. Short-term and medium-term trends are still strong, and Ethereum is still leading the market.
Source: X
MACD Confirms Bullish Momentum
The Relative Strength Index (RSI) is at 73.88, showing that Ethereum is in the overbought zone. This is high-pressure purchasing, but it also indicates short-term profit-taking. Traders should be cautious of price weakness or consolidation in case the volume starts weakening.
A bullish crossover can also be visualized in the MACD (Moving Average Convergence Divergence). The MACD line stands at 54.50, with the signal line at 76.11. The histogram is still growing, which further proves the power of the existing trend, but the market participants must be wary of the possible sudden turn.
Source: TradingView
CoinGlass data shows that the trading volume of Ethereum also ROSE to $98.23 billion, and the open interest grew by 5.24% up to $44.52 billion. The OI-weighted funding rate is currently at 0.0134%, indicating intense bullish pressure among derivatives traders.
Source: CoinGlass
Ethereum Holds Key Support
Crypto VIP Signal revealed that Ethereum has escaped the former trading band and crossed an important resistance area. Nonetheless, the analysis notes that ETH must maintain a price above $2,800 in order to sustain momentum. A decline to below that WOULD undermine the current rally and invite sellers back into the market.
Source: X
The rise of Ethereum above the $3,000 mark has established it as a dominant market head that is technically supported. Analysts think that it is important to stay above 2800 to structure its bullish pattern. With the continuation of the momentum, ETH will soon jump over the $3,450 resistance and create a broader altcoin market.
: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
