Ethereum Price Hovers Around $3,000 Mark, Bulls Strive for Breakout

• At the time of writing, ETH is trading at $2985, up 2.70% in the last 24 hours.
• If the price manages to go above $3027 level, then it will likely test $3163 resistance level.

Since Bitcoin ETFs were introduced in January, the price of Ethereum, the second-largest cryptocurrency, has been in the focus. With numerous applications already filed with the SEC, investors think Ethereum’s chances of acquiring a spot ETF are strong.

Coinbase has backed Grayscale’s proposal to convert its existing Ethereum Trust product into a spot Ethereum exchange-traded fund (ETF) and has asked the U.S SEC to approve the move.

The crypto exchange, which acts as the crypto custodian for the Grayscale Ethereum Trust, released an extensive report on Wednesday that argued that regulatory compliance and the maturity of the Ethereum market elevate ETH to the level of a commodity similar to Bitcoin.

Bulls Pushing Hard

Ethereum (ETH) lately lost some of the gains it made earlier this week, dropping from little over $3,000 to $2,900, despite the increasing confidence. However, the bulls are pushing the price back to $3,000.

Nearing critical levels not seen since the apex of the previous market cycle, Ethereum’s price seems ready for a big bullish breakout. Ethereum is likely poised to end its monthly candle over $3,000 for the first time since 2021, according to data from crypto trader Rekt Capital.

At the time of writing, ETH is trading at $2985, up 2.70% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 6.38%.

Source: CoinMarketCap

If the price manages to go above $3027 level, then it will likely climb further to test $3163 resistance level. However, if the price manages to go below $2940 level then it will likely test $2887 support level.