Ethereum Breaks $2,700: Is $3,000 Next for ETH?

Ethereum has staged an impressive rally, soaring nearly 50% in just six days. From dipping below $1,800, ETH is now trading at around $2,670.61 with a 24-hour gain of 9.18%.

One of the main drivers is institutional accumulation. Abraxas Capital has purchased 211,030 ETH worth approximately $477.6 million over the past six days. The firm’s latest buy was 33,482 ETH in just 12 hours, worth $84.7 million.

Transaction fees have also dropped significantly, currently at around $0.84 per transfer, down from over $7 just six months ago. This decline is boosting on-chain activity, although rising fees again could stall momentum.

Social sentiment has flipped bullish, and technical indicators like the MACD and moving averages suggest further upside. However, the RSI is at 79, indicating the market could face some cooling off.

If bulls maintain control, Ethereum could break through the $2,750 resistance and head toward the $3,000 mark. But a bearish reversal might push it back to the $2,100 range. Either way, Ethereum’s rally is a clear signal of renewed market confidence.