Is Ethereum Poised to Reach $3,000? A Price Analysis
Published at：2025年07月09日 22:29
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Ethereum (ETH) has been on a consistent upward trajectory, now trading around $2,600 after a rebound from the $2,220 demand zone in late June. The cryptocurrency is currently testing a robust supply area, maintaining its bullish structure. However, investors should exercise caution near these peak levels.
Technical Analysis by ShayanMarkets
Daily Chart Overview
ETH is presently near the $2,600 mark, having recovered strongly from the $2,220 demand zone. The price has successfully reclaimed the 200-day moving average at approximately $2,400, trading slightly above it—a positive indicator for medium-term strength. The recent rally paused near $2,800, where ETH experienced a liquidity hunt before a sharp reversal, forming a short-term lower high. Currently, ETH is consolidating below the critical $2,800 supply zone, aiming for a breakthrough. Maintaining positions above the 100 and 200 moving averages and staying above $2,400 keeps the bullish structure intact. A decisive daily close above $2,700 is needed to confirm further upward momentum. The RSI hovers between 57-60, indicating steady bullish momentum without signs of exhaustion. A successful consolidation could see ETH retest the $2,880 highs and potentially challenge the $3,000 mark. Conversely, failure to break higher may lead to a pullback toward the $2,400 support level.
4-Hour Chart Insights
On the 4-hour chart, ETH is forming a rising wedge just below a bearish order block around $2,700, marking a critical consolidation phase. The price has tested the order block and is pressing against the wedge's upper boundary. The 4H RSI near 61 reflects bullish momentum, but the rising wedge formation poses a breakdown risk if resistance isn't overcome. Key intraday support lies at $2,500-$2,550, aligning with recent lows and the wedge's lower boundary. A breakdown below this zone with significant volume could trigger a drop toward the $2,300 liquidity pool. Conversely, a strong breakout above $2,700 with rising volume would negate the wedge scenario, paving the way for a push toward $2,900 and beyond.
On-Chain Analysis: Ethereum Exchange Reserves
Ethereum's on-chain metrics remain favorable, with exchange reserves dwindling to 18.93M—among the lowest levels in recent years. This trend underscores ongoing accumulation and self-custody practices, reducing immediate sell pressure from centralized exchanges. Historically, such declines in exchange balances have aligned with bullish price phases, assuming macro sentiment supports. Market sentiment has turned slightly bullish, with ETH reclaiming key moving averages and funding rates staying neutral. However, the lack of robust demand from retail or institutional investors suggests that a breakout may need a catalyst, such as a short liquidation cascade, to complement spot market demand and drive prices higher in the near term.
Technical Analysis by ShayanMarkets
Daily Chart Overview
ETH is presently near the $2,600 mark, having recovered strongly from the $2,220 demand zone. The price has successfully reclaimed the 200-day moving average at approximately $2,400, trading slightly above it—a positive indicator for medium-term strength. The recent rally paused near $2,800, where ETH experienced a liquidity hunt before a sharp reversal, forming a short-term lower high. Currently, ETH is consolidating below the critical $2,800 supply zone, aiming for a breakthrough. Maintaining positions above the 100 and 200 moving averages and staying above $2,400 keeps the bullish structure intact. A decisive daily close above $2,700 is needed to confirm further upward momentum. The RSI hovers between 57-60, indicating steady bullish momentum without signs of exhaustion. A successful consolidation could see ETH retest the $2,880 highs and potentially challenge the $3,000 mark. Conversely, failure to break higher may lead to a pullback toward the $2,400 support level.
4-Hour Chart Insights
On the 4-hour chart, ETH is forming a rising wedge just below a bearish order block around $2,700, marking a critical consolidation phase. The price has tested the order block and is pressing against the wedge's upper boundary. The 4H RSI near 61 reflects bullish momentum, but the rising wedge formation poses a breakdown risk if resistance isn't overcome. Key intraday support lies at $2,500-$2,550, aligning with recent lows and the wedge's lower boundary. A breakdown below this zone with significant volume could trigger a drop toward the $2,300 liquidity pool. Conversely, a strong breakout above $2,700 with rising volume would negate the wedge scenario, paving the way for a push toward $2,900 and beyond.
On-Chain Analysis: Ethereum Exchange Reserves
Ethereum's on-chain metrics remain favorable, with exchange reserves dwindling to 18.93M—among the lowest levels in recent years. This trend underscores ongoing accumulation and self-custody practices, reducing immediate sell pressure from centralized exchanges. Historically, such declines in exchange balances have aligned with bullish price phases, assuming macro sentiment supports. Market sentiment has turned slightly bullish, with ETH reclaiming key moving averages and funding rates staying neutral. However, the lack of robust demand from retail or institutional investors suggests that a breakout may need a catalyst, such as a short liquidation cascade, to complement spot market demand and drive prices higher in the near term.
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