Ethereum is once again approaching the $3,000 mark, last seen in February 2025. The price surge is supported by renewed interest in the cryptocurrency market.
Current Market Situation for Ethereum
Ethereum is nearing the $3,000 mark, driven by recent positive trends in the cryptocurrency market. On-chain analysis reveals minimal resistance up to around $3,100, suggesting that there are few active holders at these levels looking to sell.
Potential Selling Pressure
As Ethereum approaches $3,100, things could become more complicated. Approximately 4.1 million Ethereum addresses, which purchased ETH at this level, may attempt to sell their assets to recover their initial investments. This could create significant selling pressure that may slow or even reverse ETH's upward trend in the short term.
What to Watch Next
Investors should keep an eye on ETH's behavior near $3,100. A breakout past this level could indicate sustained bullish momentum, potentially targeting $3,300 or more. Conversely, hesitation or a strong rejection may signal a temporary peak, particularly if the broader market does not provide support.
Ethereum's rise toward $3,000 is accompanied by intriguing market conditions; however, likely selling pressure from investors seeking to break even could impact the direction of the price.
