Ethereum Above $2,500: Here's Why Analysts Say $3,000 Could Be the Target

Ethereum has maintained its position above $2,500 after a slight pullback from a recent high of nearly $2,700 last week. At the time of writing, the asset is trading at $2,564, reflecting a 2.4% increase in the past 24 hours. While the cryptocurrency market in general remains in a bullish trend, primarily driven by the strong rally of Bitcoin, the relative rise of Ethereum appears to be more subdued, raising questions among traders and analysts about the current position of this currency. Retail is quiet, organizations are cautious. Although the price remains above a significant level, some analysts believe that Ethereum has not yet fully captured the market enthusiasm in general. Such an observation was made by analyst Burak Kesmeci of CryptoQuant, who noted that retail activity surrounding Ethereum is still low compared to previous cycles. This may indicate that the price increase of Ethereum is still in the early stages, with the potential for price appreciation yet to be priced in by the market. The absence of retail enthusiasm, which coincides with historical local peaks, may signal that Ethereum has not yet reached the peak of this cycle. Kesmeci's analysis highlights a notable shift in retail activity surrounding Ethereum. Compared to the price surge in 2021, the analyst points out that previous bull runs were often accompanied by a spike in the frequency of retail transactions. However, in the current cycle, retail interest has largely subsided, even as Bitcoin surged from $16,000 to over $111,000. While ETH saw a brief increase in retail activity in December 2024, that momentum quickly faded amid a broader market reaction to geopolitical developments, including new tariff tensions. The analyst concludes that the market may still be in an accumulation phase, as the typical excitement driven by retail has yet to materialize. In this scenario, Ethereum may benefit from increased participation in the coming months, especially if macroeconomic sentiment stabilizes. The slow retail onboarding suggests that the current price increase of Ethereum may only be at a midpoint rather than close to a local peak. The technical setup of Ethereum indicates a continued price increase. Technically, some market analysts continue to hold a positive view on ETH. An anonymous analyst named Crypto Busy posted on X that the monthly chart of this asset remains intact structurally, referring to the previous important resistance level of around 1,410 dollars. According to the post, Ethereum's breakout above this long-standing barrier has turned it into support, repeating a previous setup that often occurs before major price increases. To further reinforce this view, analyst Michaël van de Poppe emphasized the importance of Ethereum's price action near the $2,400 level. He noted that this area offers a strong buying opportunity and believes that if Ethereum can successfully retest and hold above this level, there may be a move towards $3,000. According to van de Poppe, such a breakthrough would signal the beginning of a new bullish phase for ETH.