$3,000 in View as Ether Bulls Smash Through Resistance Amidst Waning Bullish Sentiments

Ethereum (ETH) has maintained upward mobility over the past week despite market players maintaining caution over the asset’s underwhelming performance over the previous months.

Having successfully sustained momentum over the $2,000 price level, the second-largest crypto by market cap has become more attractive to traders and investors alike.

Sharing his bullish outlook for ETH, pseudonymous analyst Ali_Chart, most known for summarizing emerging price trends, took to X, formerly Twitter, to disclose his most recent observation.

“If Ethereum ETH breaks above the $2,588 resistance, it could trigger a bullish move toward $3,000.” The analyst wrote, as a caption atop a candlestick technical chart pattern displaying a steady increase in buying pressure over the past day.

Ether bulls are still gunning for $3,000

On a fundamental level, Ethereum has hit a notable milestone due to continued accumulation over a long period. According to data from Santiment, Ethereum’s ratio of coins on exchanges has dropped to an all-time low, suggesting a growing demand for Ether.

Per Santiment’s report; 

“Ethereum has under 4.9% of its supply on exchanges for the first time in its 10+ year history, since November 2018.” 

Remarkably, over the last 5 years, ETH accumulation has increased rapidly, resulting in a 15.3 million reduction in the total number of Ether on exchanges.

At press time, ETH is trading at $2,655 per coin. Although ETH sustained mild losses over the last 7 days, 30-day gains remain above 59%. $2,750 and $2,850 are still key crucial resistance levels to watch out for, and a break above these prices could position ETH for a rally to the $3,000 price mark.