Ethereum Price Analysis: Will ETH Maintain $3,000 Support or Drop to $2,800?

• Tom Lee’s $62,000 target for Ethereum reflects its role in DeFi, NFTs, and the switch to proof-of-stake.
• BitMine’s $68 million Ethereum acquisition shows growing institutional confidence in ETH.
• Support and resistance levels around $3,000 and $2,800 could trigger significant price movements.

Ethereum (ETH) is currently consolidating in a narrow range with the potential to reach new highs in the coming days ahead. However, the crypto analyst, Lark Davis, noted that Tom Lee, co-founder of Fundstrat, predicts Ethereum (ETH) could surge to $62,000, calling its current $3,000 price grossly undervalued.

He highlights Ethereum’s transition to proof-of-stake and its growing role in DeFi, NFTs, and institutional adoption as key factors for its potential rise. As the ecosystem evolves, he believes the market isn’t fully pricing in its value.

Although Ethereum’s all-time high was $4,878, Lee sees its expansion into finance, gaming, and supply chains as key catalysts for growth. With scalability improvements and rising institutional interest, Ethereum could reach new heights. While his $62,000 target is bold, many are watching to see if Ethereum can meet this prediction.

Also Read: Ethereum (ETH) Rebounds to $3,215 as Shark Wallet Accumulation Surges, Santiment Reports

Bitmine’s Ethereum Acquisition Boost Institutional Interest

The crypto analyst, Ted, noted that BitMine has taken a very bold step by acquiring $68.67 million worth of Ethereum (ETH) today. This goes to show that there is growing interest in the cryptocurrency. The investment by the company also goes to show the long-term prospects of Ethereum, particularly the upcoming Ethereum 2.0 update. Market sentiment for the currency remains positive.

Source: Ted

At the same time, Tom Lee’s statement about being able to spend $200 million to $300 million on Ethereum every week further fuels the fire of the rising trend of institutional interest. Lee’s words point to the conviction that the cost of Ethereum will keep growing in the coming years. With big investors like BitMine investing heavily in the currency, the future of Ethereum has never looked brighter.

Ethereum Could Drop to $2,800 if $3,000 Support Breaks

Moreover, the crypto analyst, Lennaert Synder, revealed that Ethereum (ETH) remains close to the vital support level of around $3,000. Meanwhile, the market exhibits a more cautious trend. Indeed, the upcoming weekend trading may additionally affect the prices in a negative manner. Even opportunistic traders may wait for some confirmation before entering the market.

Source: Lennaert Synder

Meanwhile, the previous support of $3,100 has become a level of resistance. There may be some shorting action if there’s a failure to support the asset. There may also be long entry points if the support is recovered. Bitcoin may influence the Ethereum price since a retest of the previous low may lead to a decline in ETH. A breakdown below the support of $3,000 may pave the way for a new trading range around $2,800.

Also Read: Ethereum Eyes $3,700 as Big ETH Accumulation Sparks Market Attention