Ethereum Eyes Rally to $3,000 as Weekly Close Nears Key Threshold

Ethereum's price continues to recover from its recent dip, reclaiming the $2,500 level. However, it still lags behind its session high of $2,558.47. The price currently stands at $2,519.

According to crypto analyst Ted, a weekly close above $2,550 could strengthen the case for an advance towards $3,000. However, this is contingent on Ethereum's price clearing the immediate resistance zone around $2,525-$2,530.

The latest intraday recovery was accompanied by gains of 10.6% over seven days and 34.3% over 30 days. In addition to this, Ethereum ETF inflows have reached $1.185 billion across eight sessions, with net inflows totaling $192.35 million on August 26 alone.