Ethereum (ETH) is flashing bullish signals, prompting prominent market watchers to predict a surge past the $3,000 mark as early as June.
The second-largest cryptocurrency is bucking broader market trends and raising hopes for a long-awaited altcoin season, thanks to sustained institutional inflows and positive technical indicators.
Technical Hurdles and the $3K Target
At the time of this writing, ETH was trading around $2,720, marking a modest 3.4% gain over the past 24 hours. The performance extended a broader uptrend, with the asset up 3.7% in the last seven days, 7.6% over two weeks, and just under 50% in the past month.
This resilience has been in stark contrast to the global crypto market, which is down 2% in the last week, and Bitcoin (BTC), which momentarily dipped below $108,000 days after hitting its third all-time high (ATH) this cycle, amid recent market softness.
While ETH’s ability to climb when its peers stalled highlights its current relative strength, analysts believe the immediate technical battle lies overhead. “Big resistance at $2.8K for now, which will be a tough level to break through quickly,” noted Daan Crypto Trades in a post on X.
The cryptocurrency tested the $2,700 level twice this week before finally decisively pushing above it earlier today. Analyst Michaël van de Poppe sees this as a critical indicator:
“Ethereum above $2,700 is a great sign. I think we’ll see $3,000+ in June,” he posted.
Market Sentiment Points to Breakout
Beyond price action, institutional demand is also turning into a handy bedrock support for ETH. BlackRock’s spot Ethereum ETF (ETHA) is one of the best examples of this, scooping up over $32 million worth of the crypto asset on May 27. The fund has seen 13 consecutive trading days of inflows, accumulating about $170 million last week to push its total to $4.4 billion.
“ETH Spot Premium also still solid,” observed Daan Crypto Trades. “It doesn’t have as many ETF inflows as BTC does but relative to its market cap doesn’t need nearly as much to keep the move going.”
Furthermore, as reported by CoinDesk, firms like QCP Capital have described the market backdrop as a “Goldilocks zone,” with the easing of yields on long-dated U.S. and Japanese bonds calming investor nerves to create a potentially favorable environment for risk assets like crypto.
The $2,800 resistance may present a near-term hurdle, but the confluence of persistent institutional buying, improving technical structure, and positive on-chain sentiment, married to a conducive macro environment, has analysts increasingly confident ETH can hit $3,000 next month.
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Ethereum (ETH) is flashing bullish signals, prompting prominent market watchers to predict a surge past the $3,000 mark as early as June.
The second-largest cryptocurrency is bucking broader market trends and raising hopes for a long-awaited altcoin season, thanks to sustained institutional inflows and positive technical indicators.
Technical Hurdles and the $3K Target
At the time of this writing, ETH was trading around $2,720, marking a modest 3.4% gain over the past 24 hours. The performance extended a broader uptrend, with the asset up 3.7% in the last seven days, 7.6% over two weeks, and just under 50% in the past month.
This resilience has been in stark contrast to the global crypto market, which is down 2% in the last week, and Bitcoin (BTC), which momentarily dipped below $108,000 days after hitting its third all-time high (ATH) this cycle, amid recent market softness.
While ETH’s ability to climb when its peers stalled highlights its current relative strength, analysts believe the immediate technical battle lies overhead. “Big resistance at $2.8K for now, which will be a tough level to break through quickly,” noted Daan Crypto Trades in a post on X.
The cryptocurrency tested the $2,700 level twice this week before finally decisively pushing above it earlier today. Analyst Michaël van de Poppe sees this as a critical indicator:
“Ethereum above $2,700 is a great sign. I think we’ll see $3,000+ in June,” he posted.
Market Sentiment Points to Breakout
Beyond price action, institutional demand is also turning into a handy bedrock support for ETH. BlackRock’s spot Ethereum ETF (ETHA) is one of the best examples of this, scooping up over $32 million worth of the crypto asset on May 27. The fund has seen 13 consecutive trading days of inflows, accumulating about $170 million last week to push its total to $4.4 billion.
“ETH Spot Premium also still solid,” observed Daan Crypto Trades. “It doesn’t have as many ETF inflows as BTC does but relative to its market cap doesn’t need nearly as much to keep the move going.”
Furthermore, as reported by CoinDesk, firms like QCP Capital have described the market backdrop as a “Goldilocks zone,” with the easing of yields on long-dated U.S. and Japanese bonds calming investor nerves to create a potentially favorable environment for risk assets like crypto.
The $2,800 resistance may present a near-term hurdle, but the confluence of persistent institutional buying, improving technical structure, and positive on-chain sentiment, married to a conducive macro environment, has analysts increasingly confident ETH can hit $3,000 next month.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
