Ethereum Price Eyes $3,000 After a Successful Retest of the $2,400 Support Zone

Ethereum (ETH) looks set to pump, and the famous cryptocurrency analyst on X, Michael van de Poppe, thinks the cryptocurrency is well-positioned to retest the $3,000 region.

In his latest analysis, Van de Poppe shared a detailed breakdown of Ethereum’s daily chart, highlighting the key levels that support his bullish outlook.

The crypto analyst highlighted how Etherem tested the resistance level between $2,700 and $2,900 multiple times within the past two months. According to Van de Poppe, the tests and retests serve as a ‘stamina build-up’ by Etherem as the cryptocurrency prepares for the next leg upwards.

Meanwhile, Ethereum broke out of a sideways range towards the end of June to reach a seasonal low of $2,113. That decline was short-lived because the price immediately returned above the lower support of a horizontal range from the second week of May. According to Van de Poppe, the pullback allowed the cryptocurrency to take liquidity at a lower price before returning into range in preparation for an upsurge.

Ethereum’s price has respected the $2,400 price region, bouncing off the support multiple times, as Van de Poppe highlighted. He considers the $2400 level the “springboard” that will push ETH into its next rally phase. He believes the momentum building at this level will be strong enough to break the upper limit of the current sideways range and open a clear path toward the $3,000 target.

TradingView’s data show that Ethereum traded for $2,449 at the time of writing, reflecting a 3.32% surge since the early hours of Wednesday.

The surge comes after a 2-day pullback that saw the crypto asset decline 5.68%, dropping from $2,524 to a $2,372 local low. However, the crypto analyst is optimistic that Ethereum’s rebound would initiate the next rally phase and mark a profitable season for the top altcoin.