Ethereum eyes $3K as bulls regain control after drop

Ethereum has been below the mark of $2,000 for the past few weeks. This back-to-back decline has raised arguments, with some saying it will lose its popularity and others saying it might soon fall below $1,500. Yet the recent bulls’ entry has held the prices steady and dragged them upward. According to data from CoinMarketCap, Ether prices have surged around 5.52% in the past 24 hours, reaching $2,343. In the same frame, its market capitalization reached $284.49 billion, a 6.25% increase, and volume grew around 7.14%, reaching $40.37 billion.Source: CoinMarketCapEthereum eyeing a mark above $3,000 in the coming sessionsEthereum prices have continued to maintain a bullish trend, with its price growing around 28% in the past seven days, helping it to surpass its 20, 50, 100, and 200-day exponential moving averages.According to TradingView data, Ether prices increased 41.94% in the monthly frame. However, they still lost 26% in the six-month frame and are down nearly 30% in the current frame. Not only its trading prices, but its market cap has also grown, and in a week it is up by 28.83%, reaching $287.09 billion, and in 30 days the market cap grew 42.39%.However, Ether’s market cap has seen a drastic loss of 25.27% in the past six months, and in the year-to-date time frame, the cap is down by 29%. On the market dominance part, Ether remains steady and has lost 37% of its dominance in the half-yearly frame, and in the time frame to date, the market dominance is down 29.90%.Factors that are expected to push Ethereum to new heightsThe Pectra update, which went into effect on May 7, 2025, improves Ethereum’s staking capabilities, transaction efficiency, and scalability. According to analysts, this update may cause ETH to rise toward $4,000 as a result of greater demand from developers and users. X posts are also upbeat, with some forecasting a breakout to $4,000 by the end of February or early March 2025.One other reason that is expected to drive Ether prices is the upcoming birthday of Ethereum on July 30th; the growing supply of Ethereum is also termed as one of the primary factors behind the surge.The supply of ETH has increased by about 60,000 ETH per month since April 2024, which could put downward pressure on the price if demand doesn’t keep up.