- Ethereum (ETH) has reclaimed the $3,000 mark, breaking a three-month consolidation phase.
- The recovery comes as the crypto market gains bullish momentum, fueled by BTC’s new all-time highs.
After weeks of consolidation, Ethereum (ETH) has finally broken free, climbing back into the $3K zone for the first time in nearly three months. This surge comes as Bitcoin (BTC) recorded a fresh all-time high ($77,252) for the third day in a row, sparking a wave of optimism across the crypto market.
Ethereum’s recent rally reflects growing interest, with ETH’s open interest in futures climbing to $16.84 billion—just shy of its all-time high of $17.09 billion, reached in May. Following this, market speculation is building around the possibility of ETH revisiting the $4K mark by the year’s end.
Further, the asset’s upward momentum has intensified by Donald Trump’s recent election victory and a favorable 25-basis-point rate cut by the Federal Reserve, which has improved crypto’s appeal as an investment option.
To validate this, Ethereum’s 22% gain this week has made it the best-performing asset among major cryptos, with ETH reaching an intraday high of $3,060 from a low of $2,893. ETH currently holds 14% dominance in the market, and the global crypto market cap has risen by 4% in the last 24 hours to $2.5 trillion.
Ethereum Eyes $4000 Breakout Amid Bullish Indicators
According to the ETH/USDT trading pair, the technical indicators show Ethereum is in a strong position on the daily chart. Currently, the altcoin is trading above a critical resistance level, sitting above both the 50-day and 200-day moving averages (MA). If ETH holds this level around $2,955, it could signal the start of a sustained uptrend, possibly targeting $3,155—an initial Fibonacci level that could lead ETH even higher to $3,480.
However, an RSI of 72 signals a potential overbought condition, which may prompt a reversal or pullback, though a strong uptrend could still support further gains. Further, Ethereum’s Chaikin Money Flow (CMF) points to moderate buying pressure, investors remain cautiously optimistic.
If support holds, Ethereum may continue its path toward a long-awaited breakout above $4,000. But a pullback to the $2,400 level could be in store if bullish momentum fades, bringing the asset back to lower support zones.
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