- Ethereum nears $3,000 for the first time since February.
- On-chain data shows limited resistance up to $3,100.
- 4.1M addresses may sell at break-even, causing pressure.
Ethereum is once again closing in on the $3,000 level, a price point not seen since February 2025. The recent upward momentum comes amid renewed interest across the crypto market , pushing ETH up over the past week.
Market analysts and on-chain data suggest a bullish short-term outlook for Ethereum. There’s minimal resistance on-chain up to around $3,100, meaning there aren’t many holders who bought at those levels and might be looking to sell. This creates an opportunity for ETH to surge with fewer obstacles in its way—at least initially.
Break-Even Sellers Could Test Momentum
However, things may get tricky as Ethereum moves beyond $3,000. The $3,100 level could serve as a psychological and technical hurdle. According to blockchain analytics, roughly 4.1 million Ethereum addresses are holding ETH purchased around this range and have been in the red for about six months.
If ETH reaches this break-even zone, these long-term holders might seize the chance to sell and recover their initial investment, creating significant selling pressure. This could slow or even reverse ETH’s rally in the short term unless strong buying demand continues to absorb the sell-offs.
What to Watch Next
Investors should keep an eye on ETH’s behavior near $3,100. A clean breakout past this level could suggest sustained bullish momentum, potentially targeting $3,300 or more. But hesitation or strong rejection may signal a temporary top, especially if the broader market doesn’t offer support.
Short-term traders might find opportunities in this volatility, while long-term holders could view any dip as a strategic entry point—depending on market sentiment and macro trends.
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