Key takeaways
- Ether rose about 3% in the past 24 hours and is now trading above $3,000.
- The token could push toward $3,400 soon amid bullish market sentiment.
Ether hits $3k as BTC reaches a fresh record
The cryptocurrency market has started the week strongly, with Bitcoin and several major cryptocurrencies moving higher. Bitcoin, the largest cryptocurrency by market capitalization, earlier hit a new all-time high near $123,000 after gaining more than 4% over the last 24 hours.
Price has pulled back slightly toward the $121,000 area, but analysts expect the upward trend to resume shortly.
Ether, the leading altcoin and the second-largest cryptocurrency by market cap, has also participated in the rally. Ether added more than 3% in the past 24 hours and is approaching $3,100.
The rally comes amid growing institutional demand for Ethereum products. Data from Coinglass shows that spot Ethereum ETFs recorded about $1.4 billion in volume over the last 24 hours. Rising volume has pushed assets under management for Ethereum ETFs above $12 billion, led by BlackRock’s iShares Ethereum Trust.
ETH eyes $3,400 as bulls push price higher
The ETH/USD 4-hour chart appears bullish and orderly, suggesting Ether could extend gains in the short term. Price is closing in on the 61.8% Fibonacci retracement level at $3,067, measured from the December 16 high of $4,107 to the April 9 low of $1,385.
A daily close above that level could clear the way for a move toward the 78.6% Fibonacci level at $3,525. Additionally, the 50-day exponential moving average (EMA) crossing above the 200-day EMA is forming a golden cross, a technical setup often interpreted as a bullish signal.
Momentum indicators support the bullish case: the RSI sits near 73 and MACD lines are in positive territory. If the rally continues, Ether could break the first major resistance near $3,438 in the coming hours or days. A sustained bullish move could push ETH to $3,755—levels not seen since January 5.
Conversely, if Ether fails to hold above $3,000, it may retest the 50% Fibonacci level around $2,751.