#ETHBreaks3k
trade now . . ๐๐๐๐ค๐ค๐๐โคโค๐ค๐คโค
๐๐ฉ๐๐๐ง๐๐ช๐ข ๐๐๐ฉ๐จ $3,000 ๐ผ๐จ ๐๐๐ ๐๐ฃ๐๐ก๐ค๐ฌ๐จ ๐๐ค๐๐ง ๐ฉ๐ค 2025 ๐๐๐๐๐จ; ๐๐จ $5000 ๐๐๐ญ๐ฉ?
Ethereum (ETH) has crossed above $3,000 for the first time since February 2025 as the crypto market edges higher. As of writing, the Ethereum price stood at $3,008 with an 8% gain in 24 hours and a staggering $37 billion in daily traded volumes. A bull flag breakout and surging demand for spot ETH ETFs suggest that more gains are likely to a fresh all-time high of $5,000
ETH has crossed the psychological resistance level of $3,000 for the first time in five months amid an increase in buying activity and a fresh wave of market interest towards the largest altcoin. Due to these gains, data from Coinglass shows that a large number of bearish traders with open short positions are squeezing out.
In just 24 hours, more than $219 million in short positions face closure, which adds to the buying pressure driving Ethereum price gains. Moreover, the current market conditions seem to be favoring long traders due to an increase in the funding rate to the highest level in a month.
The above data also shows that derivative traders are drawing their attention to ETHโs performance after derivative trading volumes increased by 39% to $126 million, while open interest also reached a multi-month high of $42 billion
As CoinGape reported, the golden cross might push Ethereum to $4,000, considering how the altcoin previously reacted to this pattern. In November 2024, ETH rallied by more than 38% after this pattern appeared, and if history repeats itself, which is usually the case with crypto assets, more gains might be on the way.
While the signals are aligning to support a bull run, traders should remain cautious of Ethereum reaching overbought levels because of the RSI indicator, which has reached 71. However, there could be room for more growth, considering that the RSI previously surged past 80 before retreating.
