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.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
