Ethereum's price is drawing attention from traders after firmly holding the $3,300 support level. According to the MVRV model, this technical level is significant for the asset's future movement.
Key Support at $3,300
Ethereum continues to hold above the crucial support level of $3,300. If ETH maintains this position, the asset could set its sights on a rise toward $4,220 and potentially $5,140.
Target Support and Resistance Levels
The MVRV indicator suggests that Ethereum is currently neither overheated nor under selling pressure, creating ideal conditions for continued growth. By defending the $3,300 zone, Ethereum may move towards significant resistance levels of $4,220 and $5,140.
Investor Optimism
Investors are watching on-chain signals like MVRV, hoping for a market improvement. Confidence in Ethereum's fundamentals and network upgrades, along with macro support, could accelerate future growth.
At this point, Ethereum displays resilience at the $3,300 support level. If this level holds, there is a potential for growth to new highs in the coming weeks.
