Ethereum (ETH) Set to Hit $3,000?


Ethereum (ETH) is creating quite a buzz in the crypto world, currently trading at $2,629 as of September 23, 2024. While it has dipped slightly by 0.89% today, the weekly performance paints a more promising picture.

So, is Ethereum's price set to reach $3,000? Let’s explore the ETH price prediction! Based on its historical price momentum, there’s a strong possibility that ETH could hit the $2,900 mark and potentially climb even higher if positive market sentiment continues.

  • Current Price: Ethereum is at $2,613 per Coinpedia Markets.
  • Weekly Gain: Over the last week, it has gained an impressive 13.50%.
  • 30-Minute Chart: Recently, Ethereum hit a high of $2,687.24 but has pulled back a bit.
  • Support and Resistance:
    • Support Level: $2,609
    • Resistance Level: $2,666
  • Market Conditions: The Bollinger Bands indicate that Ethereum is slightly overbought but still has room for growth if trading volume picks up.

Why Is Ethereum Rising?

Ethereum's recent rally can be attributed to its expanding use in several key areas:

  • Decentralized Finance (DeFi): More people are using Ethereum for DeFi applications.
  • Non-Fungible Tokens (NFTs): The NFT market continues to gain traction, further boosting Ethereum's appeal.
  • Layer-2 Solutions: These aim to improve Ethereum’s scalability, making it more attractive for users.

Whales Are Watching

Interestingly, large holders of Ethereum, known as "whales," are showing strong interest in the current rally:

  • Whale Holdings: On September 1, whales held 58.12 million ETH, and this increased to 58.48 million ETH by September 23. That’s about 360,000 ETH worth nearly $949.68 million.
  • Recent Inflows:
    • On September 14, large holder inflows were 101,740 ETH.
    • This spiked to 675,000 ETH by September 19.
    • On September 22, inflows rose from 96,000 ETH to 515,000 ETH on September 23.
  • Outflows: Although there were some outflows, they were not enough to outweigh the inflows, indicating strong demand.

What’s Next for Ethereum?

As we look ahead, many are wondering if Ethereum can sustain its upward momentum:


  • Potential Rally: Traders believe Ethereum could rise towards the $2,800 to $2,900 range, which has acted as a resistance zone in the past.
  • Caution: While the bullish sentiment is strong, it's important to remember that continuous growth might not be realistic.

Long-Term Holder Behavior

Interestingly, some long-term holders are starting to sell:

  • An early Ethereum ICO participant reactivated their wallet after nine years. They deposited 5 ETH worth around $13,300 to Kraken.
  • This participant received 2,000 ETH during the ICO at just $620, and now it’s worth a whopping $5.34 million.

Final Thoughts

Ethereum’s current price of $2,629 shows a promising trend, especially with its recent gains. The support from whale activity and growing use in various sectors is encouraging. However, it’s crucial to remain cautious about potential resistance levels and the overall market dynamics. Keep an eye on Ethereum as it continues to navigate these exciting waters!

Also, Check Out: Cardano Price Prediction 2024-2030: Will ADA Price Hit $2?

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