Ethereum Price Prediction: Can ETH Hold $2,200 Support and Aim for a $3,000 Breakout?

Key Insights:

• Ethereum price formed a golden cross, signaling a potential long-term bullish trend.
• Key Ethereum support stands at $2,233, with upside targets at $3,100 and $4,000, per MVRV bands.
• Ethereum must hold above $2,200 to maintain bullish momentum and reach the $3,000 target.

Ethereum (ETH) price’s recent movement has caught attention. The top crypto confirmed a golden cross, a signal that indicated a possible long-term rise. The 50-day moving average (MA-50) crossed above the 200-day moving average (MA-200). This often signals that a crypto is trying to push past major resistance.

Ethereum (ETH) Price Golden Cross Confirms Bullish Momentum

Ted Pillows, an analyst, stated that Ethereum price golden cross on the 12-hour chart signals a shift in market movement. With the MA-50 surging above the MA-200, the signal implied that strong buying action could continue over time. Historically, this development has led to higher prices, drawing renewed interest from retail and institutional investors.

Regardless of its positive technical shifts, Ethereum price may encounter resistance at the $2,500 level. The threshold has been significant in the past. For the bullish trend to stay strong, Ethereum must avoid dipping below $2,200. Technical signals have to remain solid for the upswing to continue.

Ethereum Price Levels to Watch

Analyst Ali Martinez reported that the next key resistance for Ethereum price is at $3,100, and support is at $2,233. Notably, traders rely on these levels to spot likely breakouts and manage their risks. Consequently, if ETH remains above this support area, it could signal a further rise toward the $3,000 level. This is in line with the rising trend in the market.

However, if this support is broken, the token might fall further and test its level at $1,900 once more. This makes the $2,200 to $2,300 range a crucial battleground for bulls aiming to secure a path toward higher highs.

Outlook for the $3,000 Target

More so, Martinez noted that Ethereum price technical advantages and the wider market’s movement could push it above $3,000. According to the MVRV’s price rising bands, bulls might drive the price up to $4,000. These areas of support and resistance are highlighted to point out important patterns from the market’s history.

Another analyst, Crypto Fella, pointed out that Ethereum (ETH) exited a long-term downward channel, indicating a possible change in trend. This breakout, supported by the price moving above $2,400, signaled that bullish momentum is back. An increase in trading activity followed the breakout, indicating that the bulls are in control. They are aiming for the next resistance zone at $2,750.

However, according to Crypto Fella, ETH price must keep above $2,400 to prevent a bearish momentum. Surpassing the key resistance at $2,750 and $3,000 may allow for a broader recovery, possibly reaching the $3,500 level. This level is close to a major supply zone, where buyers could try to maintain control.

Meanwhile, the ETH OI-weighted funding rate chart revealed a generally positive funding environment over the past three months. Notably, the funding rate spiked sharply in late February and mid-May, coinciding with Ethereum price approaching $2450.

However, periods of negative funding in mid-April suggest brief profit-taking or bearish sentiment, aligning with price pullbacks. The recent stabilization above $2,400, despite mixed funding signals, reflects continued market optimism as traders maintain long positions.

Furthermore, recent analysis indicated that major traders are maintaining a bullish outlook for Ethereum price. Reportedly, despite a drop of 6%, data showed that ETH supply on exchanges was reduced by 5.5%. Over 1 million ETH were withdrawn within the past 30 days. The exchange balances dropped to their lowest level since 2021. This may show that investors are buying a lot, and may push the price above $2,500 again.

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