Ethereum Price Prediction: $3,100 Resistance or Altseason Breakout?
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Ethereum's price has surged over 98% since its April low, reclaiming key levels and boosting investor confidence. This rally, fueled by increased buying pressure and a shift in market sentiment, has pushed ETH above $2,600. However, analysis suggests significant resistance at the $3,100 level, derived from Glassnode's MVRV pricing bands. This level represents a potential short-term ceiling, and a decisive break above it could trigger a broader altcoin rally. Conversely, failure to overcome this resistance could lead to a retest of the $2,233 support zone. Technical indicators support this assessment; the 200-day SMA around $2,700 acts as another key resistance level. A successful break above this, accompanied by strong volume, would strengthen the bullish trend and pave the way for $3,100. Conversely, a drop below the $2,435-$2,450 support could signal a deeper correction. The current consolidation phase around $2,600 is crucial, determining whether the upward momentum continues or if further price cooling is needed before the next leg up. The coming days will be critical in determining whether Ethereum can sustain its bullish structure and potentially lead the charge into a full-fledged altseason. Analysts highlight the importance of volume and on-chain signals in confirming the trend reversal and predicting future price action. The $3,100 resistance and the $2,233 support levels are key areas to watch for insights into Ethereum's short-term and medium-term price direction. The interplay between buying and selling pressure around these levels will ultimately dictate whether the rally continues or if a correction is imminent.
