Will Ethereum Reach the $3K Mark by the End of the Month? An In-depth Analysis

Ethereum is currently struggling to break through a key resistance level at the 200-day moving average of $2.6K, suggesting strong selling pressure and a possible deeper correction. The cryptocurrency's price remains trapped between the 100-day MA at $2K and the 200-day MA at $2.6K, indicating a mid-term range.

Ethereum's price also continues to fluctuate within a rising wedge pattern, typically viewed as a bearish formation. The ETH Taker Buy-Sell Ratio, a critical metric that reveals whether buyers or sellers are driving momentum, has been trending downward, signalling an increase in aggressive selling and bearish pressure. If this trend persists, Ethereum might face a deeper correction, with $2,200 emerging as a key support level.

However, the recent selling could be due to short-term traders or "weak hands," potentially leading to a healthy consolidation phase and setting the stage for a renewed bullish breakout.