$3,000 Ethereum (ETH) Coming? Major Breakout Happened

Ethereum Surges Past Key Resistance, Positioning for Potential $3,000 Milestone

Ethereum has demonstrated a strong performance, rising above crucial resistance levels and showing no signs of slowing down. The most significant technical development is the 26-day Exponential Moving Average (EMA) crossing above the 200-day EMA, a classic momentum indicator that validates the strength of the current rally and opens the door to even higher price targets.

The daily chart clearly shows a breakout from the $2,500 resistance level, followed by a steep ascent to the current price range of around $2,710. The bulls have been relentless, pushing through minor corrections and profit-taking while consistently hitting higher highs and lower lows.

The 50 and 100-day EMAs, which previously served as the asset's ceiling, have now been reclaimed by the price. This shift in momentum is evident as these levels are now well below Ethereum's trading price. With the Relative Strength Index (RSI) above 70, indicating potential overbought conditions, the market is heating up.

The extreme bullish volume that accompanied this breakout suggests that there is still potential for Ethereum to rise before a noticeable cooling-off period. The psychological and technical barrier at $3,000 will be the next significant milestone, and this goal becomes more feasible if Ethereum can maintain its current pace and avoid a substantial rejection near $2,800.

The $3,000 mark previously served as both support and resistance, so it will undoubtedly be a natural magnet for price movement in the upcoming weeks. Short-term traders should keep a close eye on the $2,600-$2,800 range for any possible consolidations or pullbacks prior to the next upward leg.

The overall volume profile, the golden cross of the EMAs, and the chart structure all point to Ethereum being poised for future gains, barring any major market shocks. If this rally continues, Ethereum may soon be approaching $3,000, reminding people of its past bull run highs and potentially paving the way for a larger breakout later this year.