Forecasting Ethereum's Path to $3K: A Comprehensive Price Analysis

Ethereum's (ETH) price rally appears to be stalling, suggesting potential short-term exhaustion. Despite breaking major resistance levels, the price is hesitating around a key structure. ETH has broken above the 100-day moving average and is attempting to reclaim the 200-day moving average.

However, the overbought territory on the RSI indicates the rally could be too extended. Ethereum is consolidating below the lower boundary of a previously broken long-term ascending channel. The $2,150 zone is acting as solid support. ETH's 4-hour chart shows consolidation around $2,600, with a decrease in bullish momentum. Onchain analysis shows a net outflow of 170K ETH, indicating accumulation and long-term holding. Despite this bullish trend, traders should be cautious as extreme bullish positioning could lead to sharp corrections.

Changes in netflows should be closely monitored, especially around major resistance levels.