Ethereum could raise as much as $3,000 in the coming weeks as bullish technology emerges amid retail and institutional demand.
Ethereum (ETH) raised its market capitalization to more than $314.8 billion on June 3 (Asian morning) by 6.5% to $2,644 (Asian morning hours) by boosting its market capitalization to more than $314.8 billion. This is the top performer of today’s 10 biggest cryptocurrencies, up nearly 86% since the start of the year.
On the derivatives side, open interest in ETH futures has skyrocketed to $35.67 billion, well above the $19.6 billion recorded on April 3rd per Coinglass. Furthermore, the long/short ratio in Binance is 1.8 at press, indicating a clear bullish bias among traders.
Meanwhile, its funding rate has also remained positive for more than a month.
ETH’s bullish setup is further strengthened by strong institutional influx and chain trends, suggesting a decline in sales pressure.
ETH-based investment products attracted $321 million inflows last week, according to Coinshares data. This is the highest weekly number since December 2024. That momentum continued in the US market, with Spot Ether ETFs recording a positive inflow for the fourth consecutive week, totaling over $653.9 million.
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At the same time, centralized exchange ETH supply has dropped to its lowest level for over seven years. This steady decrease in exchange balance suggests an increase in independence. This is an indication that investors are positioning it for long-term profits rather than short-term sales.
Meanwhile, several major companies have also expressed interest in flagship Altcoin due to recent notable purchases from companies such as BTC and fidelity.
ETH Price Analysis
On the four-hour ETH/USDT chart, ETH prices outperform the upward trend of the multi-week ascending triangle, above the simple moving average for the 50th period, a sign of sustained bullish momentum.
ETH Price, 50 and 200 Days EMA Charts – June 3rd | Source: crypto.news
The Aron UP indicator is currently at 92.87%, while the Aron Down is at 28.57%, indicating that the uptrend is clearly dominating. In addition, MACD created a bullish crossover, further checking for upward pressure.
Et Aroon and Macd Charts – June 3rd | Source: crypto.news
If this momentum continues, ETH can first test the $2,713 level. This is alongside the 50% Fibonacci retracement zone. The above breakout, which could pave the way to Ethereum’s 61.8% retracement level, $3,000, marks a jump of about 15% from the current price.
Conversely, if your ETH falls below $2,500, your current bullish setup could be disabled. In that case, I got a pullback to a $2,377 level that coincided with the 200-day SMA and could serve as a major support zone.
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