Ethereum

2024

when

April

<div class="coinjournal">
 <ul>
 <li dir="ltr">Ethereum (ETH) price hit $3,005 on Coinbase on Tuesday, rising to its highest level since April 2022.</li>
 <li>About 879,000 addresses were in a loss and could sell when prices break above this level.</li>
 <li dir="ltr">While ETH fell below the psychological level, analysts outline $3k as a “a relatively small obstacle”.</li>
 </ul>
 Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rose to the psychological level of $3,000 for the first time in nearly two years on Tuesday, February 20. The cryptocurrency saw its value jump from lows of $2,880 to touch $3,005 on Coinbase, and $3,003 on Binance.
 <h2 dir="ltr" id="eth-price-and-the-3k-hurdle">ETH price and the $3k hurdle</h2>
 Ethereum‘s upside, which comes amid a significant move of over 25% in the past two weeks, means several Ethereum addresses that were in the red managed to turn profitable.
 This in turn, suggests a potential retreat for the second-ranked crypto by market cap if these addresses decide to sell or break even. It could see ETH trade to support levels again, possibly below $2,900 before bouncing to target higher price levels.
 According to IntoTheBlock, the on-chain picture for <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> at the $3k level indicates this should be a “relatively <a rel="noopener noreferrer nofollow" title="small" href="https://thebittimes.com/tag/small.html">small</a> obstacle” for bulls.
 While a look at on-chain data shows more than 16 million ETH addresses, or about 14.7% of the wallets, were still in a loss with prices below $3k, more than 83% are in profit. Going by this, the 879k addresses likely to turn profitable above $3k might not present a major hurdle. However, there may still be some struggle to break past $3,400.
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 ETH is extremely close to breaking $3k. Here's what the onchain picture looks like👇 ➖In total, there are still over 16 million ETH addresses holding at a loss (~14.7%). ➖There are about 879k addresses that would become profitable as Ethereum breaks $3k. ➖These addresses have… pic.twitter.com/P4hby7NdJJ
 — IntoTheBlock (@intotheblock) February 20, 2024
 </blockquote>
 
 ETH traded to highs of $4,800 during the previous bull market and analysts have called for a break to above $5,000 in coming months. The potential approval of the first spot Ethereum exchange-traded fund (ETF) in the US and network developments amid the Dencun upgrade could be key catalysts.
 At the time of writing, <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>/USD changed hands around $2,924 on Binance.
 <div class="fr-img-space-wrap"> <img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/35e63edc2a22bbf02ee47b0a8e2601c2.webp" style="width: 100%" class="fr-fic fr-dib" width="650" height="311">Ethereum price on the daily chart. Source:&nbsp;TradingView 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/eth-price-outlook-analysts-say-3k-a-relatively-small-obstacle-tbt80315.html">https://thebittimes.com/eth-price-outlook-analysts-say-3k-a-relatively-small-obstacle-tbt80315.html</a>

ETH price outlook: Analysts say $3k “a relatively small obstacle”

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