Ethereum Surpasses $3,000 Twice, Bullish Trend Continues

Share on Facebook Share on Twitter

In Brief

Ethereum has surpassed the $3,000 mark for the second time in February. This price increase has simultaneously led to a rise in the supply of Ethereum in profit. Despite a brief decline, open interest remains above the $10 billion mark, indicating a positive sentiment among investors.

Ethereum Cracks the $3,000 Mark Again

After several days below this threshold, Ethereum has once again reached the $3,000 price range. This shift has simultaneously led to a rise in the supply of Ethereum in profit. The analysis of Ethereum’s daily timeframe shows a modest increase of 2.43% on February 24, bringing the price to about $2,992 at the end of the trading session. Ethereum then continued its positive trend, recording a further increase of 1.5%, bringing the price back into the $3,000 range. This was the second time this month that ETH has crossed the $3,000 threshold, a level that has not been observed for over a year.

Ethereum Remains in the Overbought Zone

These recent upward movements have also increased Ethereum’s Relative Strength Index (RSI). The RSI had previously experienced a decline and settled at 70. But at the time of reporting, it stood at 75. This suggests that Ethereum is still in a strong bull trend and is in the overbought zone at the time of reporting.

Ethereum Supply in Profit Rises to Monthly High

The total supply of Ethereum in profit has been steadily growing in recent weeks, with the rise above the $3,000 mark contributing significantly to this. An analysis of the supply data on Santiment showed a notable increase of about 1 million ETH in profit in the last three days. At the time of reporting, the total supply in profit was 121.66 million ETH, compared to 120.18 million observed on February 23. This recent increase, albeit subtle, marks the highest point in over a year.

Positive Sentiment for Ethereum

On February 22, Ethereum’s open interest reached $10.8 billion according to Coinglass, the highest level in months. Although there was a subsequent decline, open interest remained in the $10 billion range. At the time of reporting, ETH’s open interest had experienced a slight uptick and stood at about $10.4 billion. This suggests a positive sentiment, indicating that more investors are entering the market and leading to increased capital inflow into the Ethereum network.

Our Assessment

Ethereum’s recent movements suggest a continuation of the positive trend. The crossing of the $3,000 mark and the increase in the supply in profit are positive signs for the network and its investors. Despite a brief decline, open interest remains high, indicating a persistently positive sentiment among investors. It remains to be seen how Ethereum will develop in the coming weeks.

Sources: Santiment, Coinglass, TradingView, Adewale Olarinde, Saman Waris.

Share on Facebook Share on Twitter
Casinos: 45
Profile Ethereum
Symbol ETH
Coin type Alt Coin
  • Second largest cryptocurrency
  • Accepted in many casinos
  • High transaction speed
  • Partial bugs in smart contracts
Price 3.006,93 €
Percent Change 24h 0,89 %
Percent Change 7d -2,03 %
Percent Change 30d -4,49 %
Percent Change 60d 6,79 %
Percent Change 1y 72,81 %
Market Cap 361.532.689.010,00 €
Official Links
Socials Reddit | X
Best 3 Ethereum casinos

Latest News

Created by

Before joining I've worked with some of the biggest brands in the iGaming industry. I currently lead the North American initiatives at KC, overseeing our reviews process for the US and Canada. In my leisure moments, you'll discover me immersed in the creation of avant-garde fractal art or engaging in culinary experiments as I invent new dishes.
Reviewed by
Nerd of Numbers

Last update: 12. March 2024 Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

We use cookies. By using this site, you accept them. - 100% unlimited Uncapped bonus for new customers Show Bonus