Is Ethereum Price Ready To Target $3,000 Soon? Analysts Opine

Ethereum (ETH) price gained interest from investors after displaying a bullish pattern that may cause a major breakout. Analysts suggest that if ETH price breaks above the $2,588 resistance, a surge toward $3,000 is likely.

Here’s How Ethereum Price Could Target $3,000 Next

Prominent crypto analyst Ali Martinez identified the formation of an inverse head-and-shoulders on the Ethereum price chart over the past few hours. The neckline resistance is nearly $2,588. A rise above this point could start a quick climb toward the $3,000 price level.

Notably, the pattern consisted of a left shoulder, a dip at $2,300 and then a new right shoulder forming. Usually, this setup marks the end of a bearish trend and the start of a bullish trend. The top altcoin price is currently testing to break the neckline resistance.

Ali expects a price target of $2,985 to $3,000 for Ethereum price, based on Fibonacci extensions from the recent low. If resistance turns into support, it would confirm the continuation of an upward pattern.

ETH Price Prediction: Analysts See Higher Cycle Targets

Additionally, some analysts are predicting that Ethereum price could trade much higher over time. Crypto analyst Crypto Patel pointed out that the top altcoin price is already up 95% from its previous bottom at 1,400 and could reach levels of $8,000–$10,000 this time.

He also said that dips below $2,000–$2,200 would be a good time to invest in the market. Historically, the $4,800 level has been a resistance for the top altcoin price. However, Patel’s roadmap hints at a potential for five-figure Ethereum price in the future.

In the meantime, Crypto GEMs pointed to repeated golden cross patterns in Ethereum from previous cycles. The golden crosses in 2023 and 2024 were followed by sharp rises in prices. Ethereum price is showing a similar trend now, as its 50-day moving average is moving above its 200-day moving average.

Crypto GEMs expects that if history repeats, ETH price could reach over $5,000. From the past data, teh altcoin price has gained triple-digit percentages after Golden Crosses were confirmed.

Funding Rates, Open Interest Signal Market Confidence

Additionally, Ethereum’s futures market also reflects increasing confidence among traders, as shown in other on-chain metrics. According to Coinglass data, there has been a noticeable increase in open interest for Ethereum in the last 48 hours, showing that more people want to invest.

More so, funding rates are still positive, which indicates that traders are long in their positions but not going overboard. The long-to-short ratio is 1.15 on major exchanges, reflecting that bulls have a slight edge over bears, but the market is even.

In most cases, these circumstances lead to the market trend continuing, particularly when there are signs of an upward or downward breakout. Should the $2,588 resistance be surpassed with strong volume, this could trigger buying and push the price even higher.

Ethereum Golden Cross and Volume Trends Align

Ethereum price movements on a daily and weekly basis are showing strength. RSI stands above 60, indicating that it is gaining strength but is still not considered overbought. An increase above $2,600 with large turnover would confirm that the price has broken out.

Analyst Ali’s inverse head-and-shoulders setup aligns with this outlook. The increased accumulation seen near the right shoulder gives further support to the bullish argument.

Consequently, should ETH price break above its neckline, the next major resistance will be $2,750 and followed by $2,885 and then $3,000. Besides, if the broader market continues to hold, the price could reach $3,200 again.

Meanwhile, at press time, Ethereum price traded above $2,580, up by over 5% over the last day. More so, its market cap reached $318.2 billion Trading volume increased over 50% to $33 billion earlier. At the time of writing, it was down nearly 6% at $29.57 billion.