Ethereum price finally ‘breaking out,’ data suggests — Is $3K ETH next?
Ether is poised for a recovery towards the $3,000 level, supported by increasing network activity, a rise in total value locked (TVL), and favorable technical indicators. The price aims to reverse a downtrend that began in mid-December after peaking at $4,100. A breakout above a six-month descending trendline occurred at $1,600 on April 22, coinciding with improved macroeconomic conditions. The 50-day simple moving average (SMA) at $1,775 serves as immediate support. Key resistance levels include the 100-day SMA at $2,100 and a congestion zone between $2,500 and $2,800. Ethereum's TVL increased from $44.5 billion to $52.8 billion in a month, while daily transactions rose by 22% to 1.34 million. However, a significant drop in transaction fees and recent net outflows from US-listed spot Ether ETFs raise concerns about the speed of recovery.
