Can ETH Price Hold Above $3,000?
After Trump announced the tariff on Saturday, Ethereum’s price dropped significantly by 35 % to about $ 2,100. However, the price of Ethereum is now recovering well because investors have raised it to a key resistance level. The help of large investors’ interests and the surge in ETF, this recovery helps this recovery. At present, analysts want to know whether the current purchase interest is sufficient to increase the price to more than $ 3,000.
ETH record strong ETF volume
As the amount of ETF continues to increase, Ethereum is flashing a strong rebound signal. On February 3rd, Ethereum ETF’s transaction volume was 1.5 billion US dollars, which was more than 20 % higher than the $ 1.2 billion record of US $ 1.2 billion in December. This is also the highest transaction volume launched on July 23, when they reached $ 1.1 billion.
BlackRock’s ETHA products have the highest transaction volume, $ 736 million, followed by GrayScale’s converted to $ 415 million, and Fidelity’s FETH is $ 155 million, showing its market share with these amounts. In total, the trading volume of the Ethereum ETF on the United States is now close to $ 22 billion.
With the collection of ETF transactions, the number of transactions is the same. The latest data from Intotheblock show that more interest in Ethereum recently has shown more interest. After the market collapsed, this increase in interest made these large participants purchase Ethereum at a lower price.
The number of large transactions increased from US $ 4.59 billion on February 1 to US $ 23.6 billion on February 3. As the price began to recover, whales are now paying more attention to Ethereum, and we may see a significant increase in fluctuations.
Please read another: Ethereum has improved gas restrictions for the first time since POS transition
In addition, Ethereum enhances the ability of network processing transactions, which is the first change since switching to the sales certificate system in 2022. This may be the hedge catalyst that Ethereum continues to recover.
What is the next step of ETH price?
The price of Ethereum has been rising rapidly, surpassing the early resistance level, and now trying to break the level of $ 3,000. However, the price of ETH is facing the strong resistance of the seller, which is challenging for investors. At present, the price of Ethereum is $ 2,788, and the last day rose 3.8 %.
The transaction is close to $ 3,000 to ETH/USDT, which may be a difficult obstacle. If it keeps on this price, it may benefit the buyer and push the price to the high price of January 3,500 US dollars or even up to $ 4,000.
On the other hand, if the price continues below the EMA20 line on the 1 -hour chart, the seller may reduce it to about $ 2,100 to test the patience of the buyer. However, the relative intensity index (RSI) is now facing the middle line, which shows that the price may increase soon due to continuing to buy interest.
