Ethereum Reclaims Lost Ground with Emphatic Rally Past $3,100, What’s Next?

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Ethereum Reclaims Lost Ground with Emphatic Rally Past $3,100, What's Next?
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Ethereum has reclaimed lost ground in spectacular fashion over the past month, surging past the significant $3,000 psychological barrier not once, but twice. This resurgence signifies a pronounced shift in market dynamics for the world’s second most valuable cryptocurrency.

TLDR

Bitcoin holds steady above $51,000 while Ethereum surges past $3,100, hitting a 20-month high
Altcoins show mixed performance – XRP and ADA decline but Flare rallies
Ethereum supply metrics show over 90% of total supply is now profitable, indicating growing investor confidence
Crypto whales make large ETH purchases and stakes worth tens of millions, betting on Ethereum’s future growth
Ethereum price aims for $3,300 resistance level amidst intensifying bullish momentum

Sparked by swelling investor confidence and intensifying bullish momentum, Ethereum’s epic comeback has seen its value climb by over 30% in recent weeks. The digital asset hit a major milestone on February 24th, crossing the $3,000 threshold for the first time since May 2022 before consolidating gains around the $2,900 zone. However, this breather was short-lived as Ethereum charged onwards, once again storming past the coveted $3,100 mark.

At the time of writing, Ethereum is trading at $3,090, up nearly 6% over the past week. Buoying this price rally is optimistic market sentiment, evidenced by the relative strength index (RSI) piercing into overbought territory. Moreover, Ethereum’s supply metrics reveal a thriving profit landscape, with over 90% of the total ETH supply now in the green. This prosperity signifies the widespread realization of gains across investors, retail and institutional alike.

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Indeed, whales have been stockpiling Ethereum in droves, withdrawing tens of millions worth from centralized exchanges and staking for long-term holdings. Just this week, a single whale wallet staked an eye-watering $45.5 million worth of ETH, while another moved $9.18 million to cold storage. These large-scale accumulations have tightened supply and fueled further upside for Ethereum prices.

If positive momentum sustains, analysts suggest Ethereum’s next target is the $3,300 resistance zone. However, threats of pullback linger, with the RSI flashing warning signs of being overextended. Support layers around $3,000 and $2,900 could cushion any corrections, but failure to hold these levels may trigger a slide towards $2,800.

Nonetheless, market participants remain resolute that this bull cycle still has tremendous room to run. As one analyst aptly surmised, “the Ethereum bull run started in October. $10,000 is the conservative target for this cycle.” Only time will tell whether such lofty projections materialize, but one thing is clear – Ethereum is back with a bang!



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