Buying ETHUSD with $3000 target with resistance breakout underway

The price of ETHUSD has been consolidating over the past few weeks. Despite a short-term decline in the last 24 hours, Ethereum has shown significant growth of more than 50% over the past month, highlighting strong market interest. However, it has yet to sustainably hold above the key resistance level of $2,700, creating tension among investors. This is happening because Bitcoin is surging more confidently, reaching new all-time highs.

Despite current fluctuations, Ethereum’s fundamentals remain impressive. Growing corporate interest in using ETH as a reserve asset confirms its long-term potential. For example, SharpLink Gaming announced a $425 million purchase of ETH, which caused the company’s shares to surge by 85%. Such moves could trigger a domino effect, encouraging other companies to follow suit. Additionally, CryptoQuant data shows that ETH holdings in accumulation wallets have reached new peaks — almost 21 million ETH, or 17.5% of the total circulating supply. This indicates strong confidence among large investors in the cryptocurrency’s prospects.

Significant improvements have also seen in the technology sector. Following the implementation of the Pectra update on May 7, the Ethereum network received important functional enhancements. These changes make interacting with the blockchain more convenient and open new opportunities for decentralized application (dApp) developers. The increase in smart contract deployments to the highest levels since 2021 also highlights a renewed interest in the Ethereum ecosystem.

The technical picture suggests a possible breakout. Ethereum’s price is trading above key moving averages, such as the EMA (100) and EMA (200), confirming a medium-term uptrend. However, the resistance level at $2,700 remains a significant barrier that has yet to be confidently surpassed. The RSI indicator stands at 56, which indicates a balanced scenario with no overbought signals or looming corrections. If the price holds above $2,700, it could trigger accelerated growth, paving the way for the next targets at $2,800 and $3,000.

Current recommendation: 

Buying at the current price. Take profit – 3000. Stop loss – 2433.