Ethereum Surmounts Key Resistance, Eyes $3,000 Price Target

Ethereum has surpassed a critical resistance level of $2,661 and is now aiming for a price target of $3,000. The cryptocurrency's price has risen to $2,757.17.

According to Reuters, the next potential price range is between $2,775 and $2,825 dollars. This range could see Ethereum face another period of consolidation.

The recent influx of spot Ethereum ETFs has contributed to the recovery in price from below $2,400 dollars.

The data shows that about 35% of the available supply is being held in staking, which suggests that there is limited pressure on the sell side. This could contribute to further price increases.