The current price of Ethereum (ETH) is around $1581.28, and many are wondering if it will reach $3000. Several factors suggest a potential rise in the price of Ethereum, including ¹:
- *Whale accumulation*: Ethereum has seen significant accumulation by whales, with one whale acquiring 20,161 ETH in just 24 hours, indicating strong confidence in a potential price increase.
- *Bullish breakout*: Ethereum has broken out of a descending wedge pattern, which is a completely bullish signal, indicating a trend reversal.
- *Institutional inflows*: Ethereum exchange-traded funds experienced inflows exceeding $400 million last week, boosting institutional confidence in Ethereum's long-term potential.
*Analyst forecasts*
- *Carl Moon*: Analyst Carl Moon believes that Ethereum could reach $3000 soon, with increasing trading volume.
- *MerlijnTrader*: Analyst MerlijnTrader noted that the Ethereum price chart resembles the parabolic pattern observed during its price rise last February, indicating a sharp increase in value in the coming weeks.
*Influencing factors*
- *Low gas fees*: Current indicators suggest low gas fees, which may increase network usage and raise the price of Ethereum.
- *Upcoming updates*: Upcoming updates are expected to affect the usability and scalability of the Ethereum network, which could boost investor confidence ².
