- Ethereum is gaining momentum, aiming to break the $3,000 mark after three consecutive days of gains.
- Ethereum’s network activity is rising, with whale accumulation and increased daily active addresses boosting bullish sentiment.
Ethereum (ETH) is heating up. The leading altcoin is charging toward the $3,000 mark after climbing to $2,755. Bitcoin’s rebound to $98,000 has added fuel to Ethereum’s rally. ETH has posted three consecutive days of gains, forming a bullish triple white soldiers pattern.
Key Technical Levels
Ethereum recently retested the 23.60% Fibonacci level at $2,568. Price action now consolidates below a crucial resistance at $2,807. A breakout above this level could push ETH toward the 50% Fibonacci level near $3,000. This move may form a rounding bottom pattern, strengthening the bullish case.
Bullish Indicators Strengthen
The daily Relative Strength Index (RSI) has bounced from oversold levels and approaches the midline. This shift suggests growing bullish momentum. While daily moving averages still show a sell signal, shorter time frames indicate strong buying pressure. Hourly and 4-hour charts flash green, with oscillators leaning neutral to bullish.
Whale Activity and Network Growth
Big players are returning. A notable whale recently withdrew 4,700 ETH (worth nearly $13 million) after 500 days of inactivity. This move signals confidence in Ethereum’s potential rally. At the same time, network activity surges. New addresses are rising, with daily active addresses jumping 12.10% over the past week, surpassing 200,000.
Institutional Investors Pull Back
Not everything is rosy. Despite the bullish signals, institutional interest has cooled. On February 20, U.S. Ethereum spot ETFs saw a net outflow of $13.09 million. Grayscale led the sell-off with $10.34 million, followed by Fidelity offloading $2.75 million.
Ethereum: What’s Next?
Breaking above $2,807 could propel ETH to challenge the $3,000 mark. If the bulls succeed, targets extend to $3,241 and $3,591. However, failure to sustain momentum might see ETH retest support at $2,568.
Ethereum’s path to $3,000 looks promising but remains a battle between bullish momentum and cautious institutional sentiment. Will the bulls break through, or will resistance hold? The coming days will be decisive.
