- Ethereum holds above $3,000, eyes $3,400 as next target.
- Analyst predicts Ethereum could surpass $8,000 by 2026, despite pullbacks.
- Ethereum’s long-term uptrend continues as Bitcoin dominance wanes significantly.
Ethereum has made a strong comeback, trading above the $3,000 mark after briefly dipping below $3,050. Currently priced at $3,157, the cryptocurrency has shown resilience despite a broader market pullback. Buyers quickly stepped in to defend the key $3,000 support level, signaling a renewed interest in Ethereum’s future potential.
In the past 24 hours, Ethereum has experienced a 1.7% increase, continuing its upward momentum with an 11.4% rally over the past two weeks. While other major cryptocurrencies like Bitcoin and XRP are showing less positive movement, Ethereum remains slightly up by 0.3% on the monthly chart, highlighting its strong market position.
Market analyst Ted Pillow believes that Ethereum’s outlook remains constructive as long as it holds above the $3,000 to $3,050 support zone. He noted that even when Ethereum briefly dropped below $3,050, it quickly recovered, showing sustained buyer interest at these levels. If the $3,000 support holds, Pillow sees the next upside target between $3,300 and $3,400, which aligns with previous resistance areas.
However, Pillow cautions that a daily close below $3,000 could lead to a sharp decline, possibly pushing Ethereum toward the $2,800 region, where it has historically found demand.
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Will Ethereum’s Long-Term Uptrend Lead to $8,000?
Ethereum’s performance isn’t just about short-term price fluctuations; it’s also tied to its long-term market structure. Analysts point to Ethereum’s pattern of higher lows, which has remained intact since the market bottomed in 2022. According to TheCryptoCactus, Ethereum’s major corrections have always resolved above previous cycle lows, confirming the asset’s upward trend.
After dipping to around $1,000 in 2022, Ethereum rebounded and consistently formed higher lows, reaching the $1,500–$1,600 range in 2023. Even in 2024, pullbacks have stayed above $2,000, suggesting that the long-term uptrend remains strong.
Cactus sees the possibility of Ethereum revisiting the $2,400 to $2,600 support zone, driven by macroeconomic pressures. However, he asserts that this would not disrupt the overall bullish trend. Despite weaker buying strength in the short term, Cactus remains optimistic, predicting that Ethereum could surpass $8,000 by 2026.
Bitcoin’s Declining Dominance Boosts Ethereum’s Strength
Ethereum’s future is also being shaped by the shifting dynamics of the broader cryptocurrency market. Analyst Michael van de Poppe observes that Bitcoin’s dominance has fallen from 65% to 59%, with Ethereum gaining ground. This shift in market leadership indicates that Ethereum could be positioned for greater growth in the coming years.
Van de Poppe suggests that Ethereum’s relative strength, especially in comparison to weaker altcoins, signals an ongoing market rotation away from Bitcoin. As this transition continues, Ethereum is likely to attract more attention, setting the stage for potential gains that could push its price to new highs in the future.
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