Ethereum Targets $2,600 as Bulls Battle Resistance

Ethereum (ETH) has been experiencing a period of volatility, with its price currently hovering around $2,486. The main altcoin made a false breakout of the local resistance at $2,502 on the hourly chart, indicating a potential for a correction. However, if the correction does not occur and the daily bar closes around that mark, there is a chance to see a blast to the $2,550 range.

On the longer time frame, bulls are trying to seize the initiative as the rate of ETH is rising after yesterday's bearish bar. If the breakout of the interim level of $2,500 happens, the upward move may continue to the $2,600 range. From the midterm point of view, the price is far from main levels. Buyers may start thinking about a midterm rise only when the rate gets back to the $2,857 resistance.

The price of Ethereum is also influenced by the performance of Bitcoin. A breakout above $112,000 for Bitcoin could trigger an Ethereum rally, while a drop in Bitcoin's price could have the opposite effect. Additionally, Bitcoin miners have been pivoting to an Ethereum treasury strategy, which could also impact the price of Ethereum.

According to the analyst's forecast, Ethereum could reach $3,000 by the end of July and $3,500 by September. However, it is important to note that these are just predictions and the actual price of Ethereum could vary. The 4-year price cycle, last seen in 2017 and 2021, suggests that Ethereum could be heading for a major breakout.

The second-largest digital asset, Ethereum (ETH), is currently showing signs of bullish momentum, with a potential target of $2,600. With just days left in June, it remains to be seen whether Ethereum will be able to break through its current resistance levels and continue its upward trajectory.