Ether prices, which have nearly doubled in recent months, may soon head towards the $3,000 range, according to technical analysts.

The cryptocurrency, the second-largest digital currency by total market value in the world, surpassed the $2,800 level on Tuesday, June 10, for the first time since late February, according to Coinbase data from TradingView.

Joe De Pasquale, CEO of BitBull Capital, a cryptocurrency hedge fund management company, stated via email: "After Ethereum surpassed the $2,800 level, the next major resistance level is $3,000 - a psychological barrier and price ceiling seen several times in March. If Ethereum can close above this level with strong trading volume, it will open the door for movement towards $3,200."

On the downside, immediate support is near $2,650, with the potential for buying interest to rise around $2,400, which coincides with the 100-day moving average, he added.

A market watcher also used a technical indicator called the Relative Strength Index, which tracks recent price movements of assets to get a clearer idea of whether these assets are in an underbought or overbought state, to evaluate Ether.

Technical traders are also monitoring the Relative Strength Index (RSI), which is approaching overbought territory, indicating strong momentum, but it may experience some slowdown if the price settles below $3,000.

Tim Enikeng, managing partner at Psalion, offered a similar opinion on this matter.

Enikeng stated via email: "The $2,850 level is the next key level, which we are barely approaching now. This would bring the current price back to early February, compared to the last time Ethereum surpassed $2,800."

He added: "Once Ethereum surpasses this level (and I believe it will happen soon, possibly even today), the $3,000 level will become a major resistance level."

He continued: "If Ethereum can surpass this level (which is unclear), the $3,100 level will also be difficult. If it exceeds that, it is clear that it will head towards about $3,450."

Grant Tongit, head of business development at Block Force Capital, also commented on this situation.

He stated via email: "The main resistance area we are monitoring is between $2,800 and $2,850. Should there be any failure, we are watching the 200-day moving average at $2,657 to act as support."

Tongit added: "If it rises, we see the next resistance area at around $3,000."

Armando Aguilar, an independent cryptocurrency analyst, provided his opinion on what Ethereum prices could do in the near future, highlighting several support and resistance areas.

Ethereum's price has shown strong performance this week, reaching values of $2,400, and it is now trying to surpass $2,800, as Aguilar explained via email.

Aguilar stated: "Resistance levels are at $2,820, and if broken, we could see a sharp rise in Ethereum to the $3,000 level. If it breaks the $3,000 level, Ethereum may see levels from mid-January 2025 at $3,300 and $3,400."

"Support levels are in the mid-$2,600 range, and if support does not hold, we may see a bounce back to the mid-$2,500 range, followed by the $2,400 range."

Forbes