Ethereum Surges 8% to $3,000 Amid Mixed Market Sentiment

Ethereum has briefly surpassed the $3,000 mark, marking a significant milestone in the crypto market’s recent recovery phase. This achievement represents an 8% gain in the last 24 hours and nearly 17% growth over the past week. However, analysts are divided on the sustainability of this rally as Ethereum faces a critical resistance zone.

Technical indicators suggest that while the price action is bullish, underlying signals point to a possible short-term rejection. Veteran trader Matthew Dixon noted that Ethereum is testing overhead resistance between $2,880 and $3,000. He pointed to a completed ABC correction that started around the Pectra upgrade low near $1,800, followed by a 5-wave impulsive move. According to Dixon, Ethereum’s price is forming higher highs while the Relative Strength Index (RSI) displays lower highs, a pattern known as bearish divergence. This often signals weakening momentum. If the structure holds, Ethereum may be nearing the end of its rally, potentially completing wave (5) or a corrective wave X.

Dixon added that if the rejection materializes, the first support range lies between $2,650 and $2,700, matching the prior wave 4 zone. A further drop could test $2,450, a base formed during the last breakout. A sustained break below this level might lead Ethereum down to the $2,000–$2,200 range, where previous price consolidation occurred. However, these zones would only come into play if price action fails to hold above current levels. So far, ETH has remained resilient, trading near $3,014.

Dixon also outlined a bullish scenario. A clear daily close above $3,000 with strong volume would invalidate the bearish setup. In that case, ETH could target $3,400 to $3,500, with potential for a move back above $4,000, assuming supportive macro conditions. Echoing that view, crypto analyst Ether Wizz suggested that if ETF inflows continue and ETH closes above $2,750, a $4,000 target in Q3 could become a likely outcome. With sentiment turning positive, investors are closely watching for sustained institutional interest and ETF inflows. Ethereum’s recent performance mirrors earlier market behavior seen ahead of Bitcoin’s rallies. If current resistance breaks with volume, a new leg up could begin. However, until a clean breakout occurs, traders remain cautious. Momentum is mixed, and price action around $3,000 will likely define Ethereum’s next major move.