Key Points
- Ethereum (ETH) surpasses the $3,000 mark, backed by substantial ETF inflows and strong technical indicators.
- Over 2.8 million addresses purchased ETH at the current price, making it a significant level.
Ethereum Breaks Through $3,000 Resistance
Ethereum (ETH) has recently broken through the $3,000 price level, a resistance that had held firm for months.
This coincides with a record inflow in Ethereum’s spot ETF, indicating a new phase of bullish momentum.
Record ETF Inflow Fuels Ethereum’s Breakout
Analysis of Ethereum’s ETF flow over the past week revealed a net inflow of $154.66 million, setting a new record for weekly positive flows.
This marks Ethereum’s second consecutive week of net inflows, a historic milestone.
This surge in institutional backing has helped Ethereum surpass the $3,000 barrier, strengthening its upward momentum.
Ethereum is currently trading at $3,027.90, experiencing a strong bullish breakout.
This move signifies a significant rally as Ethereum moves past the $3,000 psychological resistance, indicating investor confidence in the asset.
The 50-day and 200-day Moving Averages (MA) serve as support levels for the current bullish run, with volumes also increasing, signifying strong buying interest.
If this trend continues, Ethereum could target higher levels, with the next resistance zones possibly around $3,200 or higher.
Ethereum’s MVRV Ratio Indicates Profitability
The 30-day Market Value to Realized Value (MVRV) ratio for Ethereum indicates that many holders are in profit as Ethereum trades above $3,000.
A rising MVRV ratio suggests that profit-taking could soon begin, which might introduce selling pressure.
At the time of writing, the MVRV was almost at 15.6%, the highest since May.
Analysis shows that 2.86 million addresses bought Ethereum around the current price, making this level very important, as a rise beyond it could trigger an all-time high (ATH).
If the MVRV ratio continues to climb, more holders will be in profitable positions, and the market could see natural corrections.
With rising institutional interest, Ethereum’s new support level could be near the $3,000 mark, reducing the impact of minor sell-offs.
