Ethereum Price Prediction – ETH Targets $3,013 as ETF Demand and Staking Momentum Grow

Highlights:

• Ethereum is pushing the $2110.3 resistance after a multi-week consolidation
• Rally through this resistance could pave the way for Ethereum to hit $3013.3
• Rising demand through ETFs and Ethereum staking is likely to drive price action 

Ethereum (ETH) is relatively unchanged today. At the time of writing, Ethereum was trading at $2079.82, down by 1.01% in the day. While the price is not moving much, Ethereum trading volumes have dropped 37% to stand at $20.78 billion intraday.

The drop in volumes when the price is not moving by much is a positive indicator for Ethereum. It shows that even with the current market calm, the average holder is not looking to sell. This points to the expectation that the Ethereum bottom is likely in and that the price will only go higher in the future. There are several important factors likely driving such confidence among Ethereum holders. 

Ethereum Price Showing Strength In a Geopolitically Tough Week

The most important one is the broader cryptocurrency market in a week characterized by geopolitical chaos. Throughout the week, markets have been pricing in the war in Iran. So far, every indication is that cryptocurrency has weathered the storm well and come out quite strong.

The implication is that confidence is returning to the market that the worst of the bear run is over. This is likely to drive more capital into cryptocurrencies going into the future. Since Ethereum is increasingly the preferred altcoin for most large investors, this could see its demand surge. The result is a rebound that could put its previous all-time highs in focus in the foreseeable future.

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Ethereum ETFs Starting to Record Strong Inflows

This rising demand is already evident in Ethereum ETFs. On March 4, Ethereum ETFs saw record inflows of $169 million. The ETF inflows continue to grow stronger, and within the day, March 6, BlackRock Ethereum ETFs have already recorded inflows of $30 million. As the demand for ETFs rises, the price of Ethereum rises. At the same time, the rising institutional demand through ETFs is likely to draw in retail FOMO, which could add to Ethereum’s upside momentum in the short to medium term.

More Investors Looking to Stake Ethereum Hints At Long-Term Confidence

Ethereum is also likely to benefit from the fact that more investors are willing to stake Ethereum than ever before. Data shows that there are about 3.4 million Ethereum in the validator queue that are headed for staking. If this much Ethereum is staked on top of the millions of others that are already staked, supply will shrink significantly over time. With this shinkage happening at a time when institutional demand is surging, Ethereum could be prepped for a rally back to all-time highs.

Shorts Liquidation Likely to Ease Downside Pressure

Ethereum could also benefit from the fact that short sellers are facing elevated risk across the market. In the unexpected rebound following the Iran war, Ethereum liquidated more than $133 million in shorts. This has reinforced the perception that the bottom is in across the market.

For Ethereum, which already has strong institutional backing, a reduction in short-term, followed by increased bull confidence, could drive the price higher in the short to medium term. Overall, a retest of prices above $3000 increasingly looks realistic in the foreseeable future. 

Ethereum Price Faces Key Resistance as Bullish Breakout Looms

For weeks, Ethereum has been consolidating between the $2110.3 resistance and the $1828.9 support. However, on March 4, Ethereum bulls took control and pushed Ethereum through the $2210.3 resistance. While the momentum dropped shortly after, Ethereum bulls are still putting a lot of pressure on the $2110.3 resistance.

If there is a clear breakout through this resistance, a rally to $3013.3 could follow. On the other hand, if bulls fail to push Ethereum through the $2210.3 resistance, the range-bound trading could continue in the short term. Of these scenarios, a rally to $3013.3 seems more likely due to the rising ETF demand.