Ethereum Emerges with a Straightforward Route to $3,400, Analysts Say

After a period of stagnation, Ethereum has seen significant growth, increasing by about 60% since early May. It has broken out of a month-long consolidation range with solid support between $2,700 and $2,760, a zone in which over 2 million ETH is held by investors. According to analysts, this provides a potential price floor. Furthermore, resistance above the current levels is relatively light and evenly distributed up to roughly $3,400, which is the first point of significant resistance.

If the current support zone remains intact, Ethereum has a clear technical path to $3,420. The pace of any potential rally would depend on how holders in the $2,800 to $3,300 range respond to price hikes. In the meantime, social sentiment for Ethereum is on the rise, indicating a growing retail interest.