Ethereum Traders Eye $3,000 ETH Price as Bulls Target 50% Price Surge

Ethereum (ETH) traders are keeping a close watch on the price of **ETH** as it inches closer to the $3,000 mark. Analysts indicate that there is a possibility of a 50% price surge in the coming weeks if bulls manage to overcome resistance at $2,100.

Key Indicators for ETH Surge

ETH has experienced a notable uptrend, gaining over 33% in the past month. This surge has been attributed to various bullish factors such as optimism surrounding the potential approval of an Ethereum ETF and an overall positive sentiment across the cryptocurrency market. Despite hitting a significant resistance level at $2,100, **ETH** managed to reach highs of around $2,132, marking its highest level since the market crash induced by Terra’s collapse in May 2022.

• Top trader Jacob Canfield believes ETH could reach $3,000 within the next few weeks, but it needs to break past resistance at $2,100 first. ETH hit $2,132 recently, its highest since the May 2022 crash.
• ETH is up over 33% in the past month on Ethereum ETF prospects and overall crypto market optimism. Over $80 million in shorts were liquidated in the past day.
• The ETH rally has boosted related crypto sectors like DeFi, with total DeFi market cap topping $60 billion again. Ethereum L2 TVL also hit an all-time high above $13.6 billion.

Resistance Breakthrough and Market Analysis

Analysts suggest that a breakthrough of the $2,100 resistance level could pave the way for further upward movement, potentially testing the $2,500 price point. On-chain investor distribution metrics indicate that there is minimal resistance for **ETH** between its current price and $2,500. This implies limited selling pressure at these levels.

Market data reveals that approximately 75% of **ETH** holders are currently in a profitable position, mitigating the risk of mass capitulation. However, minor pullbacks due to profit-taking could still occur, backed by historical patterns where assets consolidate or retrace slightly after significant surges.

Market Impact and Future Outlook

Although larger **ETH** whales holding 10,000 tokens have not actively participated in the recent rally, the surge in **ETH** price has positively impacted related sectors such as decentralized finance (DeFi), fueling a surge in the total value locked across Ethereum Layer 2 scaling solutions, which has exceeded $13.6 billion. The combined market cap of DeFi tokens has also seen substantial growth, surpassing $60 billion.

If bulls can sustain their momentum and surpass the crucial $2,100 resistance level, the possibility of **ETH** reaching $3,000 becomes increasingly viable over the coming weeks. On-chain data continues to support the potential for further gains as long as **ETH** maintains levels above $2,100.

Volatility and Long-Term Trajectory

However, given the rapid nature of the recent rally, **ETH** remains susceptible to bouts of volatility and potential profit-taking tests. Traders are advised to closely monitor how **ETH** responds to the $2,100 level as a significant indicator of its future trend.

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Editor Notes

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