Ethereum (ETH) crossed over the $3,000 level, currently trading at $3,071, its highest price since late January. As you can see on the 3-day chart, bullish momentum is strong. Such a move would be a breakout from several months of price build-up between $2,200 and $2,800. Percent of Ethereum supply staked At 29.44%, the percentage of Ethereum supply staked has just hit a new all-time high.
Ethereum’s incredible bull run cannot be explained by fundamentals alone. With legislative clarity and Bitcoin’s continued momentum bringing capital into these high-conviction assets such as Ethereum. US Congress’ planned enclosing “Crypto Week” makes the timing of this week especially meaningful for the fledgling cryptocurrency.
The cryptocurrency finally blasted through the key $2,850 resistance point. Such a firm breakout above this overhead resistance may confirm the new ETH bullish structure. Should Ethereum continue to defend the $2,850 level and stay on the offensive, analysts expect the next leg higher could be quick.
Over the last several months, Ethereum has been in a period of consolidation, laying the groundwork for a possible move upwards. The cryptocurrency now needs to overcome its next big resistance area at $3,500 – $3,600. Breaking up this resistance zone is key for establishing a re-affirmed bullish trend.
The rising percentage of ETH staked is a strong show of faith in the Ethereum network and its long-term future. Staking makes the network more secure than ever, but it lowers the circulating supply of ETH, which would push the price higher.
Market observers are raptly focused on the fate of Ethereum, which many see as a bellwether to the wider altcoin market. How much longer the market can hold on to these increases will be key. Breaking the next resistance level will be an important gauge of its strength.
Ethereum is the most high-conviction asset you’re going to find amongst crypto investors. Its wide use cases, including decentralized finance (DeFi) and non-fungible tokens (NFTs), provide support its value proposition.
Lee Chia Jian
Blockchain Analyst
Lim Wei Jian blends collectivist-progressive values and interventionist economics with a Malaysian Chinese perspective, delivering meticulous, balanced blockchain analysis rooted in both careful planning and adaptive thinking. Passionate about crypto education and regional inclusion, he presents investigative, data-driven insights in a diplomatic tone, always seeking collaborative solutions. He’s an avid chess player and enjoys solving mechanical puzzles.
