Ethereum (ETH) Price Prediction: Ethereum Faces $3,000 Retest Ahead of Potential Wave 3 Breakout

Ethereum (ETH) continues to trade sideways just below the $3,400 resistance, signaling a delicate balance between bullish and bearish pressures.

This consolidation raises concerns among traders about a potential retest of the $3,000 support zone, particularly as trading volumes have declined in recent sessions.

Unlike earlier consolidation phases this year, Ethereums current range has formed alongside lower trading volumes, suggesting reduced speculative participation rather than aggressive distribution. Analysts note that how ETH reacts around the $3,020–$3,150 levels will likely determine its next meaningful price movement, potentially setting the stage for either a breakout or a deeper correction.

Ethereum Consolidation and Market Sentiment

Ethereum trades near $3,089 USD, down 1.2% in the last 24 hours, with a 24-hour volume of approximately $11 billion. This stagnation follows Bitcoins recent highs, and traders are divided on whether the dip is a buying opportunity or a signal of continued weakness.

When interpreting these dynamics, its important to note that sideways ranges accompanied by declining volume often indicate indecision rather than imminent distribution. Acceptance above resistance or breakdown below support should be considered in the context of volume behavior.

ETH Key Support Levels

Ethereums $3,020 support has historically served as a critical floor. TradingView analyst Bahardiba notes: “It has once again reached its static support floor at $3,020. This is an important support for Ethereum, which has reacted to it multiple times, so for now, this support could slow down the correction.”

Ethereum (ETH) rests on key $3,020 support, with a potential breakout above $3,150 aiming for $3,380. Source: bahardiba on TradingView

For Ethereum to regain bullish momentum, it must break above the $3,150 trendline resistance. A confirmed breakout with expanding volume could push ETH toward $3,380, signaling renewed upward pressure. Conversely, repeated rejection at this level or a drop below $3,020 would suggest the consolidation remains unresolved.

Elliott Wave Analysis and Potential Breakout

While Elliott Wave analysis can offer insights, it is inherently interpretive. The Wave 3 thesis would weaken materially if ETH loses the $3,020 support on expanding volume. Historical patterns indicate Wave 3 rallies have sometimes led to substantial gains, but success is conditional on technical confirmation and market sentiment, not a guaranteed trajectory.

Analysts suggest a cautious framework: maintaining support while achieving acceptance above resistance is key to validating any bullish scenario.

Market Reactions and Trader Sentiment

Investor sentiment remains mixed. Some traders view the current range as a buying opportunity, targeting short-term levels of $5,000–$6,000, while others remain cautious due to macroeconomic uncertainty and potential Bank of Japan rate adjustments.

Whale activity could amplify short-term swings. Significant liquidations or accumulation by large holders can influence ETHs trajectory. Traders should watch for volume spikes, repeated support tests, and rejection patterns, rather than relying solely on price targets.

Final Thoughts

Ethereum currently faces the risk of a $3,000 retest, but technical analysis and Wave 3 projections indicate a potential rebound if key resistance levels are broken. Traders should consider $3,020 support, trendline behavior, and volume confirmation when assessing breakout probability.

Ethereum was trading at around 3,101, down 0.10 in the last 24 hours at press time. Source: Ethereum price via Brave New Coin

Acceptance above $3,150 with increasing volume would strengthen the case for a sustained upward move, while repeated rejection or a breach of $3,020 could extend the consolidation phase. Macro factors, including Bitcoin‘s movements and broader market conditions, remain crucial. As the market navigates short-term volatility, Ethereum’s performance over the coming days will likely determine whether it experiences a deeper correction or a renewed bullish surge, maintaining its position as a leading digital asset.