Ethereum Price Breaks Resistance Zone, Eyes $2,760 Target
The Ethereum price has broken above its resistance zone of $2,550-$2,575 and is now using it as support. This breakout came on September 20, after which ETH successfully retested the level.
Ethereum's price action turned bullish, with traders watching for the next target at $2,760 or even higher targets like $3,000 and beyond. Analyst Ali Charts noted that the breakout is holding and is watching $2,760 as the next major target.
The Ethereum price gained more than 75% in just three months, climbing from $1,510 to $2,650. This surge in price is attributed to clean technical breakouts and rising DeFi activity.
Institutional demand has remained visible throughout the quarter, with institutional ETF inflows topping $10 billion. On-chain analyst Darkfost pointed out that Binance's monthly average of ETH withdrawal transactions has surpassed 90,000, a three-year high, suggesting investors are moving coins into private custody.