- Ethereum’s climb back over $3,000 highlights sustained market strength.
- High Total Supply in Profit and Open Interest levels indicate widespread investor optimism.
The digital currency Ethereum (ETH) has once again made headlines by breaking through the significant $3,000 price point, a development that has been met with enthusiasm by the cryptocurrency community and investors.
This recent ascent into the $3,000 domain underscores the growing strength and appeal of Ethereum in the broader crypto landscape. Dive deeper into this crucial Ethereum breakout in the Youtube video below.
Steady Growth Leads to Notable Milestone
Ethereum’s path to this notable milestone was characterized by a consistent uptick in value, with a 2.43% rise recorded on February 24, bringing the closing price to just shy of $3,000.
The momentum didn’t stop there, Ethereum experienced an additional increase of 1.5%, propelling its value solidly into the $3,000 territory.
This marks the second occasion within the same month that ETH has crossed this threshold, an achievement not seen for the past year. At the time of writing, the price of ETH has risen 1.31% in the last 24 hours, reaching a price of $3,059.07. This represents an increase of 4.98% over the past 7 days.
Indicators of Market Optimism: RSI and Ethereum’s Profitability
The optimism in the market is further underscored by key financial indicators. The Relative Strength Index (RSI), which measures the speed and change of price movements, places Ethereum firmly in a bullish trend with a current reading of 75, indicating an overbought condition that suggests strong buying activity in the market.
Parallel to the RSI’s insights, the Total Supply in Profit for Ethereum has seen significant growth, adding around 1 million ETH to the profit ledger within just three days. The current Total Supply in Profit stands at an all-time high of 121.66 million ETH, indicating that an overwhelming majority of ETH in circulation is now valued higher than its cost basis.
Positive Market Sentiment Reflected in Open Interest
The bullish sentiment surrounding Ethereum is also reflected in the Open Interest data, which recently peaked at $10.8 billion on February 22, marking a recent high.
Although there was a slight decline, the Open Interest has remained robust, hovering around $10.4 billion, signaling continued investor interest and an influx of capital into the Ethereum network.