Ethereum Price Prediction: ETH Sets Course to $3,000 After Bullish Breakout

Trading volumes spiked on April 22 and 23 when approximately $23 billion worth of ETH exchanged hands as the token broke above its 21-day exponential moving average (EMA).

President Donald Trump’s decision to take a step back on the implementation of high tariffs on all imported goods influenced ETH’s rally but historical patterns also show that this could be the beginning of a bullish cycle for the token as momentum indicators just stepped out of extreme levels.

We noted in a previous article that Ethereum could spend a few months consolidating around the $1,500 and $1,700 levels. However, this bullish breakout may have shortened the waiting period and could be one of the most bullish signals the market has received since November last year.

The network’s stablecoin balance has been steadily rising throughout the year despite the market’s weakness, moving from $111 billion to $124 billion.

Meanwhile, decentralized exchanges (DEXs) saw a significant increase in trading volumes in the past week as this metric jumped from $9.7 billion to $12 billion.

Increased on-chain activity typically results in short-term strength for ETH’s price and this may have also aided the latest breakout.

Next Stop for Bulls is $2,100

Based on the historical pattern we have been observing and tracking for the past few weeks, a break above ETH’s consolidation triangle could push its price to $1,900 in the near term.

We are now quite near that target but there has been significant selling pressure at the $1,800 level as this is a value area for both bulls and bears based on the token’s volume profile.

If bulls capture the $1,900 level and manage to keep the rally going, the next step for ETH would be a move toward the $2,100 level as positive momentum will accelerate.

This will also mean entering a low-volume zone where bulls could push the price higher and higher for weeks without encountering significant resistance.

Based on historical patterns, ETH has always rallied strongly once it has stepped out of oversold levels in the Relative Strength Index (RSI). This happened earlier this month and the price rapidly stepped out of consolidation, so momentum is in favor of bulls.

The baseline scenario is that ETH will retest its former trend line support from below before risking another big downtrend like the one we have seen since December.

Bulls Need to Push ETH Above $1,900

Market sentiment has improved significantly in just two weeks as the Fear and Greed Index moved from a record-low of 15 to 53, meaning that investors now have a Neutral attitude despite some lingering headwinds that could still cause significant headaches to investors down the road.

A closer look at the daily chart shows how significant this price area is as the combined trading volumes between $1,780 and $1,900 are the highest we have witnessed throughout the year.

Bulls and bears are fighting nails and teeth to determine where ETH will be heading next. For now, bulls are winning but momentum has stalled a bit.

The MACD’s histogram has been trending lower in the past three days while the Relative Strength Index (RSI) looks stuck.

If ETH breaks above $2,000, this would confirm a bullish outlook and could pave the way for its big push to $3,000.