Could Ethereum Reach the $3K Mark Soon? (A Detailed Price Analysis)

After bouncing off the $2,220 demand zone in late June, Ethereum has continued its steady climb, trading near $2,600 and testing a strong supply area, indicating sustained bullish momentum. The cryptocurrency managed to reclaim the 200-day moving average around the $2,400 mark, signaling medium-term strength. It is now consolidating below the crucial $2,800 supply zone but maintains a bullish structure as long as it holds above the 100 and 200 moving averages and doesn't drop below $2,400.

A clean daily close above $2,700 is still required for confirmation. On-chain data shows Ethereum exchange reserves have reached one of the lowest levels in recent years, indicating continued accumulation and reducing immediate sell pressure. However, a breakout may need a catalyst, such as a short liquidation cascade, to push the price higher.