ETH Price Could Hit $3,000, But Retail Selling Puts the Brakes On
The post ETH Price Could Hit $3,000, But Retail Selling Puts the Brakes On appeared on BitcoinEthereumNews.com.
Ethereum’s price has climbed steadily over the past week, rising nearly 10% as institutional players continue to pour capital into the leading altcoin. This growing momentum comes amid broader optimism in the crypto market and a strengthening correlation with Bitcoin, which is itself edging closer to a new all-time high. Together, these trends suggest Ethereum may be poised for a significant breakout, but a familiar roadblock still stands in the way. ETH/BTC Correlation Climbs Ethereum’s correlation with Bitcoin has climbed sharply since late June. The ETH/BTC correlation coefficient, which measures how closely ETH’s price movements track those of BTC over a given period, now sits at 0.02. ETH/BTC Correlation Coefficient. Source: TradingView A value close to 1 indicates that both assets move in the same direction, while a value near -1 means they move in opposite directions. With BTC nearing its all-time high, ETH’s price could follow suit and rally. This is because, historically, high correlation in bull phases has preceded joint rallies for both assets. ETH Targets $3,000 as Institutions Load Up Ethereum’s institutional investors appear to be locking in positions as they take advantage of the climbing ETH/BTC correlation. With both assets historically rallying in tandem during bullish phases, this group is positioning for a likely breakout above $3,000. According to on-chain data from Glassnode, open interest in ETH futures on the Chicago Mercantile Exchange (CME), measured by the 7-day simple moving average, has surged to a record high of $3.34 billion. ETH: Futures CME Open Interest. Source: Glassnode This reflects rising institutional positioning as key market players accumulate ETH in anticipation of further upside. Open interest refers to the total number of outstanding futures contracts that have not been settled. When it surges like this, it indicates rising trading activity and increased capital entering the market. Furthermore,…
Filed under: News - @ July 10, 2025 1:23 pm