🔷 Ethereum Price Exceeds $2,600, On-Chain Data Signals a Surge Toward $3,000

Ethereum has surged above $2,600, with 69 million #ETH turning profitable as bulls eye the $3,000 mark amid rising inflows.

With an intraday gain of 3.36%, Ethereum has surpassed the $2,600 level. Starting the week strong, ETH continues its bullish momentum as Bitcoin holds above the $105K mark.

Boosting broader market sentiment, the US-China trade deal has fueled an extended rally this week. Amid these conditions, will Ethereum manage to reach the $3,000 milestone?

🔸 #Ethereum Price Analysis: Eyes Set on $3,000

Ethereum has risen to the $2,600 level with an intraday surge of nearly 3.5%. The ongoing rally has produced four consecutive bullish candles over the past five days, contributing to a nearly 45% price increase.

This recent rally follows a breakout from a falling channel and a key supply zone near $1,850. Additionally, the uptrend has broken through the 38.20% Fibonacci level and crossed the 200-day EMA, near the critical $2,400 psychological level.

Ethereum now aims to test the 50% Fibonacci level near $2,700. The sudden spike in buying pressure has driven the Money Flow Index to 83. As inflows increase, the uptrend is likely to clear overhead resistance levels.

A breakout above the 50% Fibonacci level could significantly increase the chances of Ethereum testing the $3,000 psychological mark this week. On the downside, crucial support lies at the 100-day EMA near $2,145, just below the 38.20% Fibonacci level at $2,400.

🔸 On-Chain Data: 69M ETH Turns Profitable

With Ethereum trading near the $2,600 mark, data from IntoTheBlock shows that 10 million investors have become profitable. These investors hold a combined volume of 69 million ETH, acquired at an average price of $2,259 and a maximum of $2,423.

Ethereum’s ongoing recovery is set to challenge a key resistance zone, where 8.09 million investors hold approximately 8 million ETH at an average cost of $2,740.