Ethereum Surges 59% in 30 Days, Eyes $3,000 as Supply on Exchanges Hits All-Time Low

Ethereum (ETH) has shown resilience in the past week, maintaining its upward trajectory despite the cautious sentiment among market participants due to its lackluster performance in previous months. The second-largest cryptocurrency by market capitalization has successfully sustained its momentum above the $2,000 price level, making it increasingly attractive to both traders and investors.

Pseudonymous analyst Ali_Chart, known for his insights into emerging price trends, shared his bullish outlook for ETH. He noted that if Ethereum breaks above the $2,588 resistance level, it could trigger a bullish move toward $3,000. This observation was accompanied by a candlestick technical chart pattern that displayed a steady increase in buying pressure over the past day.

On a fundamental level, Ethereum has achieved a significant milestone due to prolonged accumulation. According to data, Ethereum’s ratio of coins on exchanges has dropped to an all-time low, indicating a growing demand for Ether. This reduction in supply on exchanges suggests that more investors are holding onto their Ether, which could drive up the price.

Over the last five years, ETH accumulation has increased rapidly, resulting in a 15.3 million reduction in the total number of Ether on exchanges. This trend highlights the growing confidence in Ethereum as a long-term investment. At the time of reporting, ETH was trading at $2,655 per coin. Despite mild losses over the last seven days, 30-day gains remain above 59%. Key resistance levels to watch out for are $2,750 and $2,850, and a break above these prices could position ETH for a rally to the $3,000 price mark.

Despite the waning bullish sentiments, the technical and fundamental indicators suggest that Ethereum has the potential to reach $3,000. The sustained momentum above $2,000, coupled with the all-time low ratio of coins on exchanges, indicates a strong underlying demand for Ether. However, market participants remain cautious, and the next few weeks will be crucial in determining whether Ethereum can break through the key resistance levels and achieve its next major milestone.