Ethereum Gains 6.49% This Week, Eyes $3100 Target

Ethereum, the second-largest cryptocurrency by market capitalization, has recently exhibited signs of a potential upward trend. Technical analysis indicates that Ethereum has pushed off from its support level, suggesting a possible move towards the $3100 target. This analysis is derived from the 1-hour chart, a commonly used timeframe by crypto traders to assess short-term trends.

The cryptocurrency has faced multiple rejections, with the fourth rejection leading it to an intermediate support level just below $2700. This support level has been pivotal in preventing further declines and has set the stage for a potential rally. The next target for Ethereum, according to the analysis, is $3100, where it is expected to encounter significant resistance.

Short-term price predictions suggest a possible pullback to the $2880-$2840 support zone within the next 24-48 hours. If Ethereum manages to break through the $2979 resistance level with substantial volume, the rally could extend to the $3050-$3100 range. This prediction aligns with the technical analysis that suggests Ethereum is poised for a move towards the $3100 target.

The resistance at $3100 and support at $2900 are key levels to monitor. The 1-hour chart, which provides trend clarity, indicates that Ethereum is currently in a bullish phase. The growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) further supports Ethereum's long-term growth prospects, as these technologies are built on the Ethereum blockchain.

Ethereum’s recent price action suggests a potential move towards the $3100 target. The cryptocurrency has found support just below $2700 and is expected to face resistance at $3100. Short-term price predictions indicate a possible pullback to the $2880-$2840 support zone, with a potential rally to the $3050-$3100 range if the $2979 resistance level is broken. The growing interest in DeFi and NFTs further supports Ethereum's long-term growth prospects.

Ethereum’s ETH has refused to stay quiet. Like a storm gathering power, the charts whisper of movement. The 1-hour timeframe shows a clean falling wedge. Price hugs support with intent. One more push, and the $3100 level might flash before our eyes. Traders feel the pressure building. Momentum flickers like a lit fuse. And while ETH plots its next move, altcoins lurk in the shadows, ready to sprint behind their leader.

Ethereum trades at $2,995.43 after gaining 6.49% this week. That kind of performance turns heads. Volume has surged to $44.75 billion, hinting at rising interest and capital flow. On the 1-hour chart, a falling wedge pattern has formed. These patterns usually don’t end quietly. They compress energy. When they break, the move tends to be swift and explosive. ETH sits near the lower wedge support. Each bounce brings it closer to the breakout point.

If buyers step in and drive it above the upper resistance, the next leg could reach $3100. The structure suggests a technical shift is already underway. But there’s more than chart patterns fueling this optimism. Ethereum continues to benefit from real growth in network usage. Layer 2 scaling solutions have reduced transaction costs. Developers keep building. Users keep showing up. And demand for DeFi and NFTs continues to drive activity across the network.

The market cap currently stands at $361.54 billion. That figure reflects more than price—it shows strength in community and adoption. Ethereum remains the heart of decentralized finance. While other projects try to compete, none match ETH’s influence or reach. ETH might be the leader, but it rarely moves alone.

When Ethereum rallies, altcoins usually follow. That’s especially true during strong technical setups. If ETH breaks out of this wedge, expect DeFi tokens and low-caps to wake up. Experts now forecast a longer-term target of $8,000 for ETH by 2025. That might sound bold, but fundamentals support the outlook. As adoption grows and real-world assets enter the blockchain space, ETH stands to gain.

For now, though, the short-term focus stays on the 1-hour chart. Support remains intact. Volume favors the bulls. The wedge formation continues to tighten. A push off current support could launch Ethereum toward the $3100 target. The next move could be big. ETH has compressed, like a slingshot pulled tight. If that tension snaps, bulls may finally get the breakout they’ve been waiting for.