Ethereum Targets Liquidity Above $3,000 – Price Magnet Forming

Ethereum just broke above the critical $3,000 level, marking a major technical milestone after surging over 20% since Tuesday. This decisive breakout signals renewed strength in the second-largest cryptocurrency, with bulls reclaiming control after weeks of tight consolidation. The move is reigniting interest across the broader altcoin market, which had remained relatively muted during Bitcoin’s recent rally to all-time highs. Now, with ETH leading the charge, many altcoins are showing signs of reversal and upward momentum.

According to top analyst Ted Pillows, a key factor behind Ethereum’s rally is the large concentration of liquidity resting just above the $3,000 mark. Once Ethereum cleared the $2,850 resistance, momentum rapidly accelerated, driving price through the $3,000 level and into a new range of opportunity.

This rally comes amid a broader shift in market sentiment. As Bitcoin sets record highs, Ethereum and other altcoins appear poised to catch up. The big question now: can ETH maintain this level and lead a full altcoin season, or is this just a temporary breakout before another round of consolidation?

Ethereum Breaks Out Of Consolidation Range

Ethereum has spent the last several weeks consolidating within a clearly defined range that began in early May. The altcoin hovered between support around $2,800 and resistance just below $3,000, with multiple failed attempts to break above. That changed yesterday. ETH finally closed above this key resistance, signaling a potential breakout and confirming the start of a new bullish phase.

This move comes as broader macroeconomic conditions improve. Strong labor market data in the US, alongside signs of de-escalation in several global conflicts, have helped reduce uncertainty and reignite risk appetite across financial markets. With Bitcoin reaching new highs and risk-on sentiment returning, Ethereum’s breakout may signal the next wave of upside for altcoins.

Top analyst Ted Pillows highlighted a key technical factor: “ETH liquidity is lying above $3,000 — and liquidity is a magnet.” This means that large clusters of buy and stop orders are concentrated above this level, attracting price movement toward those zones. Now that Ethereum has broken past resistance, the presence of high liquidity could accelerate its move upward as traders chase momentum.

The breakout also holds symbolic weight. It shows that investors are regaining confidence in Ethereum’s value proposition, particularly with the broader altcoin market showing signs of life. If ETH can hold this breakout and establish $3,000 as new support, the next leg higher could materialize quickly, opening the door to targets in the $3,400–$3,600 range.

ETH Breaks Major Resistance

Ethereum (ETH) has decisively broken above the psychological and technical resistance at $3,000, closing its most recent candle at $3,008.97. This breakout follows a strong 15% daily surge, as seen in the chart, marking a powerful move backed by growing bullish momentum. Volume has expanded significantly, confirming trader conviction and institutional participation in this move.

The breakout puts an end to nearly two months of sideways action, with ETH previously locked between the $2,500–$2,850 range. The 200-day simple moving average (SMA), currently near $2,796, was breached with strength, acting as a springboard for price acceleration. The reclaim of this moving average adds technical validation to the breakout and signals the beginning of a new bullish leg.

ETH is now in a key zone for potential continuation. As long as bulls defend the $2,850–$2,900 level as support, Ethereum has room to rally toward $3,400 and beyond. With Bitcoin trading at all-time highs and macro conditions turning favorable for risk assets, ETH could lead the next wave of altcoin expansion.

Featured image from Dall-E, chart from TradingView