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Ethereum’s price is finally ‘breaking out,’ the data suggests – does $ 3K ETH next?

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Key Takeaways:

  • Ether broke the multimonth dowrend as entrepreneurs target the ETH’s $ 3,000 price.

  • Ethereum TVL dropped 41% up to $ 52.8 billion in 30 days, with a 22% increase in sunny transactions to 1.34 million, which signed strong network recovery.

  • Technically showing ETH prices face a major resistance to $ 2,100- $ 2,800.

Ether sets up for a recovery towards $ 3,000 psychological levels, which is backing by recovering network activity, TVL increases, and strong technical ones.

Ether price is looking for a return to $ 3k

Ether (Eth) looks like endrend its playing since mid -December after it turned away from it 10-month high $ 4,100.

Crypto Technical Analyst Mikebull Crypto shared A chart that shows the ethic price collapse above a six -month downward, with $ 2,000 and $ 2,250 levels of basic resistance to watch, saying:

“Eth break out.”

Ether’s price broke up top of the downtrend line at $ 1,600 on April 22 when the macroeconomic tensions were cooling Sparks a recovery throughout the market.

Related: PECTRA features already in use: Ethereum EIP-7702 Wallets Roll Out

The 50-day Simple Moving Average (SMA) at $ 1,775 is now acting as an immediate support for Ether’s price.

The Kamag -Child Index Index increased dramatically, jumping from 56 to 66 in the last 24 hours, suggesting a bullish momentum.

ETH/USD Daily Chart. Source: Cointelegraph/Tradingview

The main levels to be watched upside down are the 100-day SMA at $ 2,100 and the supplier congestion zone between $ 2,500 and $ 2,800, which lies the 200-day SMA. The overcome of these obstacles is likely to push ETH prices higher, with $ 3,000 representing the short -term target for Bulls.

Crypto analyst crypto claws Says The ETH/USD pair is “primed for a bullish reversal,” setting up the reversed target between $ 2,500 and $ 3,500.

Meanwhile, Crypto Salamanca said His X followers with the latest Pectra upgrade-fueled momentum“ETH can target $ 2,150- $ 2,700 in the coming weeks.”

Ethereum Onchain metrics show strength

Ethereum remains the largest layer-1 blockchain based on Total amount that is locked (TVL) and second in the rank of Dex Volume.

Ethereum’s TVL rose from $ 44.5 billion from April 9 to $ 52.8 billion on May 8, an increase of more than 41% in 30 days.

Eth TVL and transaction count. Source: Delete

Additional positive signs include a 50% increase in Blackrock Buidl deposits, an application of the digital liquidity fund, a 33% increase in spark, and a 25% growth in Ether.Fi.

The sun -the -day Ethereum transaction number increased by 22% in the last month to 1.34 million transactions.

However, the 95% fall on Ethereum fees year-to-date suggests that Ethereum increases to $ 3,000 may be longer than traders want.

Early Fee to the Ethereum Network. Source: Defillma

Low transaction activity in Ethereum reduces ETH combustion, making it inflationary as new coins issued for staking rewards outpace the network burning mechanism.

In addition, the area listed in the US saw $ 39.7 million in net outflows between May 5 and May 7, while similar BTC instruments experienced a net flow of $ 482 million at the same time, adding to recovery concerns.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.