Evaluating Ethereum's Pricing: Will ETH Successfully Exceed the $3K Mark?

Ethereum's price has been trading within a narrow range, facing resistance near the $2,800 mark, despite a strong rally in May. While it has maintained recent gains, it struggles to break higher, resulting in a cautious market. The current market structure appears to be an ascending channel, with the potential for a decisive move.

A clear break above $2,850 could pave the way towards the $3,000–$3,200 region, aligned with the Fibonacci golden zone. Ethereum's open interest continues to rise, surpassing previous highs when ETH was trading above $3,000, indicating increasing leverage and speculation at lower price levels. This divergence could lead to sharp volatility, either through a short squeeze or a long liquidation cascade.