The ETH price has once again crossed the $3,000 mark, showing signs of strong momentum as the broader crypto market recovers from recent volatility. At the time of writing, the ETH price stands at approximately $3,044.75, reflecting a daily gain of about 3.18%. This increase comes as Bitcoin also sees a healthy uptick, trading above $122,000 with nearly 4% gains, adding fuel to Ethereum’s upward trajectory.
Market Sentiment Shifts in Favor of Ethereum
Traders and analysts are closely watching the ETH price, which has shown resilience despite macroeconomic concerns and regulatory uncertainties. Over the past week, the ETH price has consistently tested the $3,000 resistance level and finally managed to break through on renewed investor optimism.
One key factor behind this surge is the increasing institutional interest in Ethereum’s ecosystem. With the recent approval of multiple ETH spot ETFs, more traditional investors now have exposure to Ethereum without needing to directly hold crypto wallets. This is widely expected to boost the ETH price in the medium to long term.
On-Chain Data Backs Bullish ETH Price Outlook
On-chain metrics show that large Ethereum holders—commonly known as whales—have been accumulating ETH throughout June. According to Glassnode data, the number of wallets holding at least 10,000 ETH has risen by 5% this month, indicating strong confidence in the asset’s future performance.
Additionally, network activity remains robust. The number of daily active addresses on the Ethereum blockchain has climbed steadily, and gas fees have slightly increased—both signs of higher transaction volume and demand. These fundamentals play a crucial role in supporting a healthy ETH price.
Ethereum’s Road Ahead: Can ETH Price Sustain $3,000?
While the latest rally has sparked optimism, some analysts caution that the ETH price could face selling pressure near the $3,200 mark, which acts as the next key resistance level. If Ethereum manages to consolidate above $3,000, it may open doors for a fresh run towards $3,500 or even higher by the end of June.
Market watchers will also keep an eye on upcoming macroeconomic data and central bank policy moves, which can impact risk appetite across crypto markets. So far, the sentiment remains positive, but traders are advised to watch for any signs of profit-taking that could push the ETH price back below the psychological $3,000 level.
Technical Indicators Signal Bullish Momentum
Technical charts reveal that Ethereum has broken out of a descending trendline that has capped gains for most of May. The Relative Strength Index (RSI) for ETH is currently hovering near 65, suggesting there is still room for further upside before the asset enters overbought territory.
In the short term, if the ETH price can maintain support at $3,000, bulls may attempt to push toward the $3,200 and $3,400 zones. Conversely, a failure to hold this support could result in a pullback towards $2,850, where buyers have previously stepped in.
Final Thoughts: ETH Price Likely to Remain in Focus
As the broader crypto market continues its recovery, the ETH price will likely remain a focal point for both retail and institutional investors. With a strong community, steady developer activity, and growing institutional adoption, Ethereum appears well-positioned to benefit from any extended crypto rally this summer.
For now, traders should keep a close eye on macroeconomic trends, ETF inflows, and on-chain data to gauge whether the ETH price can sustain this latest breakout. If momentum holds, Ethereum could surprise the market with a stronger-than-expected run in the weeks ahead.