Ethereum Surges 4% to $2,916, Approaching $3,000 Mark

Ethereum (ETH) is approaching the $3,000 mark for the first time since February, with the current price holding near $2,916. This price point is significant as it represents a key inflection point for the cryptocurrency. On-chain data from Sentora, formerly known as IntoTheBlock, reveals a near-equal number of addresses in profit and at a loss, creating a neutral pressure zone that could determine Ethereum’s short-term direction.

The “In/Out of the Money Around Price” chart segments ETH holders based on the average price at which they acquired their tokens. Below the $2,916 mark, clusters of addresses bought ETH between $2,553 and $2,915, identifying these holders as “in the money” and currently in profit. The largest concentration of profitable addresses is observed between $2,614 and $2,726, reflecting significant buying activity in that range. These holders may contribute to continued holding pressure or take limited profits as the price rises.

However, above the current price, a large segment of addresses remains “out of the money.” Red clusters dominate the range between $2,917 and $3,545, representing holders with unrealized losses. The highest concentration lies between $3,008 and $3,120. This area presents a potential short-term resistance level as holders may be inclined to sell when ETH reclaims their average entry prices.

Sentora data shows minimal resistance until ETH reaches the $3,100 zone. Yet, this level could introduce selling pressure from approximately 4.1 million addresses that have been holding ETH at a loss for roughly six months. A recovery to their original purchase price may lead many to exit positions, adding resistance and stalling upward momentum. Such break-even selling is a common phenomenon and can temporarily cap bullish trends when heavily concentrated in narrow price zones. The presence of this resistance band could create volatility as Ethereum tests this threshold.

Ethereum’s market setup now hinges on whether it can successfully move beyond the $3,008 to $3,120 range. A decisive break above this level could weaken selling pressure and support a continued rally. On the other hand, a failure to clear the zone may strengthen bearish sentiment and reinforce resistance. With ETH trading near a key decision point, the actions of holders around these price bands may shape the market’s next significant move. All eyes remain on the $3,000 level and the heavy resistance zone just above it.

Ethereum's price has surged to a three-month high, crossing the $2,700 mark with a 4% increase, leading the broader cryptocurrency market. This price movement has brought Ethereum holders back into profit, with the cryptocurrency entering a 'crucial area' for a potential breakout above $3,000. The on-chain data reveals a mixed sentiment among holders, with some positions indicating resistance near this key level.

The recent price surge has led to significant liquidations across the crypto market, with short positions being particularly impacted. This market movement has resulted in a total of $1.28 billion in liquidations over the past 24 hours, with short positions accounting for $1.13 billion of this amount. This data suggests that traders who bet against the price upswing experienced substantial losses as top crypto assets like Ethereum made significant gains.

The liquidations have affected various exchanges, with Bybit, Binance, and HTX leading the way in terms of the total amount liquidated. Bybit recorded the highest liquidations at $526.8 million, followed by Binance at $233.4 million and HTX at $206 million. These liquidations were predominantly from short positions, indicating the intensity of the market's recent upswing.

Ethereum's price movement has also been influenced by derivatives data, which indicates a cautious stance among professional traders. Despite the surge to $3,000, there is a sense of caution in the market, with traders closely monitoring the situation. The previous resistance at $2,800 is now a key support level, and as long as this holds, Ethereum is poised to continue its rally.

The on-chain data shows a mixed sentiment among Ethereum holders, with some positions indicating resistance near the $3,000 level. This suggests that while there is significant buying pressure and bullish sentiment, there are also holders who may be looking to take profits or exit their positions. The technical and on-chain indicators suggest that Ethereum is eyeing a breakout above $2,000, with buying pressure building and bulls returning to the market. However, the mixed holder positions near the key resistance level indicate that the path to $3,000 may not be straightforward.