Ethereum Resurfaces Above $3,000, Boosts Profitable Supply and Positive Sentimen …

Ethereum (ETH) has once again breached the $3,000 mark, marking a significant uptick in its price range. The move has not only rekindled positive sentiment in the market but has also influenced the supply dynamics and investor interest.

Price Movement and Overbought Zone:

On the 24th of February, Ethereum experienced a modest 2.43% increase, closing the trading session at around $2,992. Building on this momentum, ETH added an additional 1.5%, placing its price comfortably back in the $3,000 range. This marks the second time ETH has surpassed this threshold this month, a level not seen in over a year. The Relative Strength Index (RSI) has climbed to 75, indicating Ethereum’s robust bull trend and its position in the overbought zone.

Growing Supply in Profit:

Ethereum’s Total Supply in Profit has seen consistent growth in recent weeks, particularly spurred by the surge beyond $3,000. Santiment data reveals an increase of approximately 1 million ETH in profit over the past three days. As of the latest data, the Total Supply in Profit stands at 121.66 million ETH, a notable uptick from 120.18 million observed on February 23. This subtle yet significant increase signifies the highest point in over a year, with over 90% of ETH’s entire supply now in profit.

Positive Sentiment and Increasing Open Interest:

On February 22, Ethereum’s Open Interest reached $10.8 billion, marking its highest level in months. Despite a slight decline, the Open Interest has consistently remained above $10 billion, showcasing positive sentiment. As of the latest update, ETH’s Open Interest has seen a slight uptick, hovering around $10.4 billion. This suggests a favorable market sentiment, indicating increased investor participation and a growing influx of funds into the Ethereum network. As Ethereum continues to exhibit strength and resilience, the community eagerly watches for further developments in the evolving cryptocurrency market.

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