Ethereum May Climb to $3,400 If It Holds Strong Above the $3,000 Support

Key Insights:

• Ethereum defends $3,000 level with low volatility, setting stage for potential breakout toward $3,400.
• On-chain metrics reveal whale accumulation at support, suggesting confidence among long-term Ethereum holders.
• The upcoming Fed decision and Fusaka upgrade may shift ETH sentiment and short-term price direction.

Ethereum is trading at $3,000 support level as traders await clues ahead of a busy week. The asset is up 0.25% in the past 24 hours, and market analysts say the current range could set the tone for the next move. 

With volatility still low, many observers suggest that how Ethereum reacts to this price zone may influence its next move significantly.

Technical Patterns Signal Potential for Upside Movement

The price action has remained stable, keeping Ethereum within a narrow trading band. According to analyst Ted, the $3,000 level has emerged as a focal point for market participants. He noted that any strong defense of this zone by buyers could open the path toward the $3,200–$3,400 region.

However, he also cautioned that a break below this support might drive prices down to the $2,800 area. Building on this view, technical signals have added more weight to the current price setup. 

Merlijn The Trader observed that Ethereum’s RSI had already broken out ahead of price. He explained that such early technical movements often precede momentum-driven moves. Notably, trading volume reached over $11 billion within 24 hours, reinforcing the sense that price action may shift soon.

On-Chain Metrics Suggest Ongoing Accumulation

Meanwhile, on-chain data has offered additional context to Ethereum’s price behavior. CryptosRus highlighted that the realized price for accumulation wallets was recently revisited. This metric has historically aligned with buying activity among long-term holders. 

He described the zone as a “whale profit support” area and reported that major holders have continued to build exposure at this level. Importantly, there were no signs that larger investors were reducing their positions.

These developments have strengthened the idea that support near $3,000 may hold, at least in the short term. With accumulation continuing, market observers remain focused on whether demand can outweigh any downside pressure.

Upcoming Events May Influence Price and Sentiment

Looking ahead, traders are closely monitoring a mix of macroeconomic and protocol-specific events. Notably, the U.S. Federal Reserve’s quantitative tightening program is set to conclude on December 1, while Chair Jerome Powell is scheduled to speak the same day. Both events could impact overall market liquidity and investor sentiment.

In addition, based on Ted Ethereum’s Fusaka upgrade is scheduled for December 3. While details on the upgrade’s scope remain limited, some analysts believe network changes may influence short-term sentiment around the asset.