Ethereum Bulls Eye $3K as $2.8K Resistance Looms

Ethereum bulls are gaining momentum as the altcoin nears a major resistance barrier. Analysts agree that only one significant hurdle stands in the way of ETH reaching $3,000 and beyond.

The asset has reclaimed its 200-day moving average and pushed into the $2,800 region last week, but was stopped short. Daan Crypto Traders noted that this level has acted as both support and resistance for ETH over the past two years, often causing a significant move to follow.

Mihaël van de Poppe is also bullish on ETH's broader structure, claiming it's 'literally a matter of time' before the asset sees another strong breakout. However, CW pointed out that Ethereum's high-leverage positions have fallen sharply recently, leaving the asset vulnerable to increased volatility.

Merlijn The Trader remains constructive on ETH's market structure, citing an emptied validator exit queue and reduced selling pressure. He concluded that 'maybe sleeping on Ethereum was the biggest mistake of this cycle,' as the asset sits 80% higher than its July bottom.