Ethereum Surges Past $3,100 Barrier Again: Is Bullish Momentum Here to Stay?

• Ethereum surpasses the $3,000 mark again, signaling strong market momentum.
• Over 90% of ETH supply is now in profit, reflecting growing investor confidence.

In a striking move that has caught the attention of cryptocurrency enthusiasts and investors alike, Ethereum (ETH) has once again surpassed the coveted $3,000 price mark. This resurgence into the $3,000 territory is not just a numerical milestone but also a significant indicator of Ethereum’s strengthening position in the crypto market.

The journey back to this price level was marked by a modest but steady increase of 2.43% on February 24, which saw the digital currency’s price hover around $2,992 at the close of the trading session. This upward trajectory continued, with Ethereum registering an additional 1.5% increase shortly thereafter, firmly planting its flag back in the $3,000 range.

This return to form is particularly noteworthy as it marks the second instance within the month where ETH has breached the $3,000 threshold—a feat not achieved in over a year.

Ethereum’s Market Strength: RSI and Profit Indicators

The market’s response to Ethereum’s price movements has been equally remarkable. The Relative Strength Index (RSI), a key indicator of market momentum and potential price reversals, has shown Ethereum to be in a robust bull trend.

Source: TradingView

With the RSI climbing to 75, the digital currency finds itself in the overbought zone, a signal that buyers currently dominate the market, albeit with the usual caution that such levels can sometimes precede a pullback.

Simultaneously, Ethereum’s supply metrics have painted a picture of increasing profitability. The Total Supply in Profit witnessed a substantial growth spurt, with an addition of approximately 1 million ETH to the profit pool over a mere three-day span.

Source: Santiment

As of the latest data, the Total Supply in Profit stands at an impressive 121.66 million ETH, marking the highest point in over a year and signifying that over 90% of the total ETH supply is now profitable. To explore more about this development, you can find the details in this YouTube video.

Investor Sentiment and Open Interest

The optimism surrounding Ethereum is further mirrored in its Open Interest figures, which reached a zenith of $10.8 billion on February 22, the highest observed in several months. Despite a minor retracement, Open Interest has maintained its stance in the $10 billion range, currently at about $10.4 billion.

This sustained level of Open Interest is indicative of a positive market sentiment, suggesting a growing influx of investors and capital into the Ethereum ecosystem.

At the time of writing, the price of ETH has risen 1.92% in the last 24 hours, reaching a price of $3,089.87. This represents an increase of 5.61% over the past 7 days.

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