# Ethereum price holds above $2,300, eyes $3,000 breakout

**Published:** 2026-07-04T12:48:42.086Z  
**Topic:** Ethereum%5C%5C%5C  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/2838793a-a24c-48ea-9174-60a7ffacdda7

Ethereum trades near $2,390, back above its realized cost basis and facing a $2,800 sell wall of 7.1 M ETH. See key levels and next triggers.

Ethereum rose to $2,390 on Monday, pushing the token above its realized price of $2,320 and putting the average holder back in profit—a shift that could fuel a rally toward the $3,000 target, if resistance at $2,800 can be cleared [1].

| At a glance | |
|---|---|
| Price | $2,390 |
| 24‑h change | +21% from $1,940 low (Mar 29) |
| Key level | $2,800 sell wall (7.1 M ETH) |
| Catalyst | Bull flag pattern, cost‑basis break |

## Price action and on‑chain context  
The $2,390 price is 21% higher than the March 29 low of $1,940 and sits just above the realized price, the average cost basis of all moved ETH, which Glassnode places at $2,320 [1]. That crossover historically eases sell pressure from underwater holders and can trigger a shift from fear to greed.  

A bull flag has formed on the daily chart, with the upper boundary aligning near the 100‑day EMA at $2,350. Analysts note that a close above $2,400 would unlock a measured target of roughly $3,018, about 30% higher than current levels [1]. However, a sizable concentration of ETH—about 7.1 million tokens—remains clustered at an average cost of $2,750‑$2,850, creating a potential resistance zone around $2,800 [1].

## Technical hurdles and market sentiment  
While the price sits above the 100‑day SMA at $2,220, it remains wedged between the 100‑day EMA ($2,350) and the 100‑day SMA ($2,220), a range that could see consolidation before a decisive move [2]. A break below the 200‑day SMA at $2,220 would likely confirm further downside, whereas a sustained hold above $2,400 could trigger over $1.94 billion in short liquidations across exchanges, sharpening upward momentum [2].

The relative strength index has risen to 56 from oversold levels of 36 in late March, indicating growing bullish sentiment, but the looming $2,800 sell wall may stall the advance until enough buying pressure materialises [1].

| Resistance zone | 7.1 M ETH at $2,750‑$2,850 |
|---|---|

## What to watch  
- **$2,400** – a close above this level would flip resistance into support and could spark short liquidations worth ~$1.94 bn.  
- **$2,800** – the concentration of 7.1 M ETH may act as a sell wall; breaking it could clear the path to $3,000.  
- **Short‑term support** – $2,200 (50‑day & 100‑day SMA convergence) and $2,000 psychological floor if the price slips below $2,300.  

The price’s return above its cost basis removes a key psychological barrier, but the next move hinges on whether bulls can breach the $2,800 resistance zone. If they do, a $3,000 breakout becomes plausible; if not, the market may linger in a tight range, testing support levels around $2,200.

## Sources
1. CoinTelegraph — [Ethereum holders are back in profit as ETH price chart targets $3K](https://cointelegraph.com/markets/ethereum-holders-back-in-profit-as-eth-price-gears-for-3k-breakout)
2. CoinTelegraph — [Is Ethereum safe above $2K? Traders are watching these ETH price levels](https://cointelegraph.com/markets/is-ethereum-safe-above-2k-traders-are-watching-these-eth-price-levels)
3. Cryptonews — [Google Gemini AI Predicts Crazy Solana Price by the End of 2026](https://cryptonews.com/news/google-gemini-ai-predicts-crazy-solana-price-by-end-of-2026/)

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Cite as: TrendWatcher, "Ethereum price holds above $2,300, eyes $3,000 breakout", https://www.trendwatcher.in/article/2838793a-a24c-48ea-9174-60a7ffacdda7