Ethereum Surges Past $2,400, Analyst Predicts $3,000 Target

Ethereum's price surged past $2,400 on Friday, marking its highest level in over three months. The surge was driven by strong buying, lifting ETH from its recent consolidation range and resulting in a 28% increase in just four days.

Analyst Ted Pillows has predicted that Ethereum could reach the $3,000 mark if it breaks above the $2,450 resistance zone. A weekly close above this level would reinforce the upward trend, according to Pillows.

The Relative Strength Index (RSI) was 93.56 in the four-hour period, indicating that Ethereum is deeply overbought. The Moving Average Convergence Divergence indicator was strongly bullish, with a MACD line at 124.59 and a positive histogram at 24.59.

The crypto market as a whole has seen significant gains, with the total market capitalization reaching $2.59 trillion, up 6.82% in 24 hours. Bitcoin's price has increased by almost 20% weekly, while Ethereum has surged by over 28% and XRP by nearly 30%. The US Treasury's decision to increase debt buyback operations has boosted risk appetite among traders.