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Forecasted Ethereum Price Reach of $3,500 Imminent as Stumbling Block at $2,800 Appears

Approaching $2,800, Ethereum hovers at a crucial pivot point; surpassing this may propel it towards $3,500.

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Ethereum hovers around the notable price barrier of $2,800, a potential point of breach that might...
Ethereum hovers around the notable price barrier of $2,800, a potential point of breach that might propel its value to $3,500.

Forecasted Ethereum Price Reach of $3,500 Imminent as Stumbling Block at $2,800 Appears

Ethereum (ETH) is buzzing again as analysts and traders keep an eye out for a potential shattering of the stubborn $2,800 resistance level – a barrier that's repeatedly thwarted previous upward trends over the last month.

With growing institutional enthusiasm, regulatory clarity, and bullish social sentiments, some are optimistic a run towards $3,500 could be within reach.

Facing the Roadblock

Currently, ETH is trading around $2,775, marking a 9.1% spike in the last 24 hours and a more moderate 6.2% increase over the past seven days, according to CoinGecko data. While the asset slightly underperformed the overall crypto market's 3.3% weekly advance, its recent rally was backed by a strong regulatory tailwind. On June 9, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins declared that staking and wallet software development falls outside of securities laws, signaling a dramatic shift in the organization's stance on decentralized finance (DeFi).

However, despite the bullish news, the world's second-largest cryptocurrency by market cap remains in a tight range of $2,475 to $2,775. "The price has swept the highs and the lows... and has retested the range high for the 4th time now," noted Daan Crypto Trades on X, advising patience until a decisive move takes place.

Market watcher Michaël van de Poppe echoed the sentiment, suggesting that a breakout past $2,800 could ignite a surging rally towards the $3,400 to $3,500 range, provided ETH stays above the crucial $2,575 support zone.

Proceed with Caution

Yet not everyone is on board with the party just yet. Analyst Čyrus Ologun cautioned that ETH remains in a downtrend unless it closes decisively above $2,800, forecasting a possible drop to $2,200. His assessment aligns with our website's latest technical analysis, which flagged a bearish rising wedge pattern and increasing selling pressure, as reflected in the declining 30-day Taker Buy-Sell Ratio.

However, the fundamentals are strengthening. As angel investor Momin Saqib highlighted not too long ago, Ethereum has enjoyed "7 straight weeks of net inflows," with over $815 million flowing into ETH ETFs within just 20 days, and a record 34.6 million ETH staked – that's around 28% of the total supply. Additionally, the SEC's comments have galvanized institutional conviction, with major players like BlackRock and Fidelity rumored to be boosting their Ethereum exposure.

Even though the asset's all-time high of $4,878 remains 45% away, the road back could be paved by the confluence of regulatory clarity, institutional backing, and expanding on-chain activity, with over 16 million active addresses logged this week. As pseudonymous trader Master of Crypto put it: "This isn't just a price pump... People are actually using ETH."

For now, the consensus seems to be that $2,800 is the line in the sand. Cracking this barrier could open the floodgates to $3,000 and beyond.

  1. As the price of Ethereum (ETH) currently trades around $2,775, some traders and analysts are optimistic about a potential breakthrough of the $2,800 resistance level, potentially leading to a run towards $3,500.
  2. However, the world's second-largest cryptocurrency by market cap remains in a tight trading range of $2,475 to $2,775, with analyst Daan Crypto Trades advising patience until a decisive move takes place.
  3. Market watcher Michaël van de Poppe suggests that a breakout past $2,800 could ignite a surging rally towards the $3,400 to $3,500 range, provided ETH stays above the crucial $2,575 support zone.
  4. Yet, analyst Čyrus Ologun cautions that ETH remains in a downtrend unless it closes decisively above $2,800, forecasting a possible drop to $2,200.
  5. As the SEC's comments have galvanized institutional interest, with major players like BlackRock and Fidelity rumored to be boosting their Ethereum exposure, the asset's all-time high of $4,878 could potentially be reached if the confluence of regulatory clarity, institutional backing, and expanding on-chain activity continues.

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