Ethereum (ETH), buoyed by strong buying pressure, has broken out of its recent sideways trading range and moved above the $2,400 mark.

According to CoinGeek (CoinGeap), Ethereum broke through $2,400 for the first time in about three months, rising more than 28% over the past four days. Ethereum gained 5% over the most recent four-hour period, trading near $2,410 after climbing as high as $2,446 intraday.

Over the same period, Bitcoin (BTC) recorded $74,700. CoinGeek reported that as cryptocurrency demand grows, Bitcoin continued its upward trend, at one point exceeding $78,000.

"A Weekly Close Above $2,450 Could Lead to $3,000"

Crypto analyst Ted Pillows, cited by CoinGeek, projected that if Ethereum closes its weekly trading above $2,450, its upward momentum could strengthen further. He forecast that a decisive breakout above this price level could open the path toward $3,000.

Pillows said on the 21st (local time), "Ethereum is currently approaching the $2,450 resistance zone," adding, "If it closes its weekly trading above this zone, Ethereum could rise to $3,000."

According to the analysis from CoinGeek, $1,965 was presented as Ethereum's first major support level. If selling pressure on Ethereum intensifies again, this price level could act as a floor supporting the price.

RSI of 93.56 Signals 'Strongly Overbought'... Breaking Key Resistance Remains a Challenge

However, CoinGeek noted that Ethereum still needs to move above some moving averages positioned in the resistance zone. If it fails to rise further, there is a possibility that it will return to sideways trading or test the support level. While a firm weekly close above $2,450 could support a positive outlook, Ethereum still needs to break through key resistance levels in order to sustain its recovery.

Technical indicators show strong upward momentum. The 4-hour relative strength index (RSI) stood at 93.56, which CoinGeek explained indicates that Ethereum has entered a strongly overbought zone.

The moving average convergence divergence (MACD) also showed a strong upward trend. The MACD line stood at 124.59, above the signal line at 100, and the histogram recorded a positive value of 24.59, indicating that the upward trend is continuing.

Total Crypto Market Cap at $2.59 Trillion... ETF Inflows Continue for 4th Straight Trading Day

According to CoinGeek, the total cryptocurrency market capitalization rose 6.82% over 24 hours to reach $2.59 trillion. On a weekly basis, Bitcoin climbed about 20%, Ethereum more than 28%, and XRP about 30%.

Market participants took the U.S. Treasury's decision to expand its Treasury buyback program as a factor supporting risk appetite. Based on technical trends, $80,000 for Bitcoin, $3,000 for Ethereum, and $1.50 for XRP were each cited as target price levels. However, CoinGeek noted that market volatility remains high even after price breakouts, pointing to Bitcoin's failure to hold its level amid high volatility.

Investment inflows are also continuing. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $606 million on the 20th (local time), marking the fourth consecutive trading day of net inflows. Spot Ethereum ETFs also saw net inflows of $221 million on the same day, extending their fund inflow streak to four consecutive trading days.

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