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Home Ethereum

Ethereum breaks $3,000: Can ETH hold support at THIS level

November 10, 2024
in Ethereum
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Ethereum breaks $3,000: Can ETH hold support at THIS level
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  • Ethereum broke the $3,000 price level recently.
  • Over 2.8 million addresses bought ETH at the current price level, making it a key level.

While Bitcoin[BTC] captured headlines with its all-time highs, Ethereum[ETH], often called the ‘digital silver’ also made a notable move. 

The second-largest cryptocurrency by market capitalization broke above the $3,000 mark, a resistance level that had held strong for months.

This breakthrough coincided with record-breaking positive flows in Ethereum’s spot ETF, marking a new phase of bullish momentum.

Can Ethereum sustain this rally as it navigates a new territory?

Record spot ETF inflow fuels Ethereum’s breakout

Ethereum’s ETF flow analysis for the past week revealed a net inflow of $154.66 million. This set a new high for weekly positive flows.

Data from SosoValue showed that this is Ethereum’s second consecutive week of net inflows—a historic milestone for the ETF. 

Ethereum ETF flow

Source: SosoValue

The largest weekly net flow for Ethereum’s ETF occurred during its launch week, with a negative flow of $341.35 million. Now, the trend has shifted decisively into positive territory, with consecutive inflows supporting ETH’s price rally.

This surge in institutional support has helped ETH break past the $3,000 barrier, bolstering its upward momentum.

Ethereum moves to secure its position above $3k

At press time, Ethereum surged to $3,027.90, experiencing a strong bullish breakout. It has driven well above both its 50-day and 200-day Moving Averages(MA).

This move marked a significant rally as ETH surpassed the $3,000 psychological resistance. This shows momentum that suggests investor confidence in the asset.

Ethereum price trend

Source: TradingView

The 50-day MA was positioned at $2,565.64, and the 200-day MA at $2,954.58, both serving as support levels for the current bullish run. The volume also increased, highlighting a strong buying interest.

See also  Of Ethereum, BNB's price trends: Temporary rally or sustained growth?

Given this trend, ETH could target higher levels if it sustains this bullish momentum, with the next resistance zones possibly around $3,200 or higher. 

A pullback to test support at the 200-day MA may also be likely, providing a potential entry point for traders watching this trend closely.

Ethereum’s breakthrough of the $3,000 resistance level is a significant achievement, supported by record ETF inflows and strong technical indicators.

If this momentum persists, ETH could continue to rally, establishing $3,000 as a new support level as it heads toward the year’s end.

MVRV ratio shows increasing profitability among holders

The 30-day Market Value to Realized Value (MVRV) ratio for Ethereum indicated that many holders are in profit as ETH trades above $3,000.

A rising MVRV ratio suggested 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.

ETH 30-day MVRV

Source: Santiment

Additionally, analysis from IntoTheBlock showed that 2.86 million addresses bought ETH around the current price. This makes the current level very significant, as a rise beyond it could trigger an ATH.


– Is your portfolio green? Check out the Ethereum Profit Calculator


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.

Next: Solana’s new ‘all-time high’ – Will this trigger an altcoin season?

READ ALSO

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  • Ethereum broke the $3,000 price level recently.
  • Over 2.8 million addresses bought ETH at the current price level, making it a key level.

While Bitcoin[BTC] captured headlines with its all-time highs, Ethereum[ETH], often called the ‘digital silver’ also made a notable move. 

See also  Ethereum ETF inflows surpass Bitcoin ETFs' figures - Here are the driving factors 

The second-largest cryptocurrency by market capitalization broke above the $3,000 mark, a resistance level that had held strong for months.

This breakthrough coincided with record-breaking positive flows in Ethereum’s spot ETF, marking a new phase of bullish momentum.

Can Ethereum sustain this rally as it navigates a new territory?

Record spot ETF inflow fuels Ethereum’s breakout

Ethereum’s ETF flow analysis for the past week revealed a net inflow of $154.66 million. This set a new high for weekly positive flows.

Data from SosoValue showed that this is Ethereum’s second consecutive week of net inflows—a historic milestone for the ETF. 

Ethereum ETF flow

Source: SosoValue

The largest weekly net flow for Ethereum’s ETF occurred during its launch week, with a negative flow of $341.35 million. Now, the trend has shifted decisively into positive territory, with consecutive inflows supporting ETH’s price rally.

This surge in institutional support has helped ETH break past the $3,000 barrier, bolstering its upward momentum.

Ethereum moves to secure its position above $3k

At press time, Ethereum surged to $3,027.90, experiencing a strong bullish breakout. It has driven well above both its 50-day and 200-day Moving Averages(MA).

This move marked a significant rally as ETH surpassed the $3,000 psychological resistance. This shows momentum that suggests investor confidence in the asset.

Ethereum price trend

Source: TradingView

The 50-day MA was positioned at $2,565.64, and the 200-day MA at $2,954.58, both serving as support levels for the current bullish run. The volume also increased, highlighting a strong buying interest.

Given this trend, ETH could target higher levels if it sustains this bullish momentum, with the next resistance zones possibly around $3,200 or higher. 

See also  Ethereum to $2.5K or $3K? What ETH price predictions suggest

A pullback to test support at the 200-day MA may also be likely, providing a potential entry point for traders watching this trend closely.

Ethereum’s breakthrough of the $3,000 resistance level is a significant achievement, supported by record ETF inflows and strong technical indicators.

If this momentum persists, ETH could continue to rally, establishing $3,000 as a new support level as it heads toward the year’s end.

MVRV ratio shows increasing profitability among holders

The 30-day Market Value to Realized Value (MVRV) ratio for Ethereum indicated that many holders are in profit as ETH trades above $3,000.

A rising MVRV ratio suggested 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.

ETH 30-day MVRV

Source: Santiment

Additionally, analysis from IntoTheBlock showed that 2.86 million addresses bought ETH around the current price. This makes the current level very significant, as a rise beyond it could trigger an ATH.


– Is your portfolio green? Check out the Ethereum Profit Calculator


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.

Next: Solana’s new ‘all-time high’ – Will this trigger an altcoin season?
Tags: BreaksETHEthereumholdLevelsupport

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    7 months ago

    I have been browsing online more than three hours today yet I never found any interesting article like yours It is pretty worth enough for me In my view if all website owners and bloggers made good content as you did the internet will be a lot more useful than ever before

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

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Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

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The Power of Three-Phase Systems

The Power of Three-Phase Systems

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NFT Weekly Sales Volume Surge as NodeMonkes Leads

NFT Weekly Sales Volume Surge as NodeMonkes Leads

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Bitcoin spot ETF done – Is a six-figure BTC ‘supercycle’ coming up?

Bitcoin spot ETF done – Is a six-figure BTC ‘supercycle’ coming up?

January 11, 2024

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