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Ethereum (ETH) at a Crossroads: Jump to $3,000 or a Plunge to $2,000 Comes Next?
The shrinking amount of ETH stored on exchanges and the solid institutional interest support the bullish thesis.
ByDimitar Dzhondzhorov
The second-largest cryptocurrency has hovered around $2,500 over the past several days, with some analysts predicting a decisive breakout above that level and a surge to much higher ground.
Others remain cautious, expecting ETH to head south to around $2,000 before starting a bull run.
The Bullish Perspective
According to X user Ted, ETH is moving towards the $2,550 resistance again, anticipating a pump to $3,000 once the asset initiates a strong weekly close above that zone.
Michael van de Poppe shared a similar thesis, suggesting that if Ethereum tests the $2,520 area and starts to break upwards, it could climb all the way to $3,000. For their part, X user TRACER noted that the asset has recently tested the $2,500-$2,550 range six times, with each rejection getting weaker.
“This resistance will break soon,” they predicted.
MikybullCrypto appears to be the biggest optimist. The analyst opined that a “mega breakout” of the nine-year trendline resistance is on the way, setting the stage for a possible explosion to a new all-time high of $9,000.
The declining amount of ETH stored on exchanges supports the bullish theory. Just a few days ago, Ali Martinez disclosed that over 116,000 coins (worth nearly $300 million) were withdrawn from centralized platforms in 48 hours.
“With exchange supply shrinking this aggressively, the setup for a major move is getting interesting,” he explained.
The analyst also highlighted the major support zone around $2,475, where roughly 2.86 million ETH have previously exchanged hands. “As long as this level holds, the path toward $2,722 remains relatively clear,” Martinez said.
Source: cryptopotato.com