Ethereum has powered decisively through the psychologically crucial $3,000 threshold this week as a confluence of bullish factors propels its native ETH token upwards. However, the path to fresh all-time highs won’t come easy judging by intensifying indicators of potential near-term consolidation.
TLDR
- Ethereum’s ether (ETH) price has broken out of a bullish ascending triangle on the weekly chart per Kraken OTC analysis, pointing to a potential new all-time high around $5,200
- Active supply of ETH shrinking as staking locks up coins, providing bullish backdrop along with anticipation of Ethereum upgrades like Shanghai
- After high volatility, ETH decisively moved past $3,000 resistance as Bitcoin recovered towards $52K; spot ETH ETF hype and on-chain metrics fueling rally
- Profit-taking pressure remains near ETH’s local highs as exchange reserves and whale transactions pick up, signaling potential…
