Ethereum Price Prediction: ETH Bulls Eye $3,000, Can It Hold Above $2,700
Ethereum price rallied Monday, climbing to $2,707, up 0.52% in the past 24 hours. The move kept ETH above the key $2,700 level and kept alive hopes of a possible run toward $3,000 this week. The broader cryptocurrency market was also in the green, up 0.68% and pushing total market capitalization to around $2.93 trillion.
Major cryptocurrencies helped a broader market rebound. Bitcoin was still trading above $85,000 and XRP was trading above $1.50. Ethereum has also benefited from the broader gains seen in major digital asset classes since mid-September.
Ethereum Closes Out Best Weekly Streak in Months
Ethereum was also reportedly closing out its first week over $2,700 in nine months, lending credence to the short-term bullish narrative. If the price can stay above this level on a sustained basis, traders may become more confident that the recent recovery still has further to run.
Analysts are now keeping a close watch on the $2,800 resistance zone. A successful break-out could see focus shift to $2,900 and eventually the psychological $3,000-level.### Bitmine Adds 15,112 ETH to Holdings
Last week, Ethereum treasury firm Bitmine added 15,112 tokens to its ETH holdings. After the purchase, the company held 6,016,414 ETH, or about 4.9% of the total supply of Ethereum.
The last purchase was worth approximately $41 million at the quoted price of $2,726 per ETH. Bitmine’s total holdings in cryptocurrencies, cash, securities and investment interests were about $17.4 billion.
The purchase brings Bitmine closer to its stated goal of controlling 5% of the total supply of Ethereum, underscoring ongoing institutional interest in ETH.
Analyst Says Ethereum Price Will Hit $3,500
Crypto analyst Ted Pillows said Ethereum closed the week strong and said $2,800 is an important level for the next leg of the recovery. The analysis suggests that strong spot demand and a weekly close above $2,800 could set the stage for a move into the $3,400-$3,500 region.
The analyst pointed to support around $2,550, then at $2,200 and $1,965 lower down. These areas may be important if there is renewed selling pressure on Ethereum.
Ethereum Open Interest Hits $34.10 Billion
Ethereum derivatives activity also increased. Trading volume increased 15.17% to $29.02 billion. Open interest rose 1.14% to $34.10 billion. An increase in open interest means the value of open derivatives contracts is rising along with market activity.
Ethereum options trading was even stronger. Options volume was up 33.58% to $1.15 billion. Options open interest was up 1.62% to $6.25 billion.
Ethereum Price Forecast
ETH is around 13% higher than its September price of around $2,400 and was trading at $2,718 on October 5. Technical indicators are currently showing a somewhat bullish setup.
The Relative Strength Index stood at 57, indicating positive momentum but not reaching the traditionally overbought territory. Meanwhile, the MACD line was in the positive territory at 7.45, above the signal line at 4.71 and the histogram was in the positive territory at 2.73.
Conversely, a sustained four-hour close above $2,800 could open the doors for a move toward $2,900 and possibly $3,000. The price displayed would have to increase to $3,000, a roughly 10.4% upside. ETH could, however, remain consolidating on rejection near $2,800, with $2,600 likely to act as a key support level. A drop below $2,600 could hurt the recovery and revisit the previous $2,400 trading range.
