Ethereum (ETH) has maintained upward mobility over the past week despite market players maintaining caution over the asset’s underwhelming performance over the previous months.
Having successfully sustained momentum over the $2,000 price level, the second-largest crypto by market cap has become more attractive to traders and investors alike.
Sharing his bullish outlook for ETH, pseudonymous analyst Ali_Chart, most known for summarizing emerging price trends, took to X, formerly Twitter, to disclose his most recent observation.
“If Ethereum ETH breaks above the $2,588 resistance, it could trigger a bullish move toward $3,000.” The analyst wrote, as a caption atop a candlestick technical chart pattern displaying a steady increase in buying pressure over the past day.
https://twitter.com/ali_charts/status/1925150143919120635?s=46&t=qzsvHvtDB3yjTaoaylh-2g Ether bulls are still gunning for $3,000
On a fundamental level, Ethereum has hit a notable milestone due to continued accumulation over a long period. According to data from Santiment, Ethereum’s ratio of coins on exchanges has dropped to an all-time low, suggesting a growing demand for Ether.
Per Santiment’s report;
“Ethereum has under 4.9% of its supply on exchanges for the first time in its 10+ year history, since November 2018.”
Remarkably, over the last 5 years, ETH accumulation has increased rapidly, resulting in a 15.3 million reduction in the total number of Ether on exchanges.
At press time, ETH is trading at $2,655 per coin. Although ETH sustained mild losses over the last 7 days, 30-day gains remain above 59%. $2,750 and $2,850 are still key crucial resistance levels to watch out for, and a break above these prices could position ETH for a rally to the $3,000 price mark.
