Ethereum price hits one-month high above $2,800: Is $3,000 imminent?
|The price of Ethereum climbed to $2,821.56 earlier in today’s session, which is the highest point it has reached since June 12th.
ETHUSD has risen by nearly 5% in the past 24 hours, mostly as a result of increased demand for crypto exchange-traded funds (ETFs).
Inflows of U.S.-based Ethereum spot ETFs soared to $211.32 million on July 9th, which is the second-highest increase since February, when ETHUSD hovered marginally below $3,000.
This move comes after the resistance level of $2,500 was broken; however, recent breakouts have failed to sustain upward momentum. Could this one be different?
So far, there has already been so profit taking, with ETHUSD now trading $50 below its previous high.
The main reason is a ceiling of 56.8 on the 14-week relative strength index (RSI). This level has not been broken since December 2024, which is the last time Ethereum was trading above $3,000.
As of writing, the RSI is tracking at 56.6; should this rise above the resistance above, and toward 57 - 60, ETHUSD will almost certainly be trading at or around $3,000.
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