Source: Cointelegraph
Original: “As Ethereum (ETH) Price Breaks into Crucial $3,000 Zone, Ethereum Holders Return to Profit”

Key Points:

Ethereum (ETH) holders are starting to profit again, increasing the likelihood of breaking through the $3,000 mark or even higher.

There is a risk of selling pressure at $2,800, with approximately 2.27 million ETH potentially being sold.

According to Glassnode data, Ethereum's recent surge to $2,700 on May 14 has pushed its value above the realized price, meaning the average holder of ETH "has now returned to an unrealized profit state."

Data from Cointelegraph Markets Pro and TradingView shows that the price of Ethereum (ETH) surged over 52% from $1,800 on May 7 to a three-month high of $2,700 on May 14, driven mainly by market enthusiasm sparked by the Pectra upgrade.

This strong rally has allowed ETH to break above the current realized price or cost basis line of $1,900, creating conditions for a potential push towards $3,000 or even higher.

Glassnode noted in its latest research report that the return to profitability for ETH holders after experiencing unrealized losses "provides substantial financial relief for many investors, releasing a clear bull market signal."

Historically, holders in profit during the early stages of a rally tend to provide sustained upward momentum by holding steadily and attracting new investors.

An in-depth analysis of the cost basis of active market participants shows that the price breaking above $2,400, the "real market average" (i.e., the price of active investors), fully demonstrates "the strength of this rally's momentum." This indicates that new funds are flowing into the market at higher prices.

As emphasized in Cointelegraph's report, maintaining above the $2,400 price level is crucial to ensure a potential retest of the $3,000 price.

Despite Ethereum's recent strong performance, Glassnode analysts point out that the active realized price still hovers above the $2,900 level, and this key point must be "decisively reclaimed to support ongoing investor confidence in this altcoin."

The market intelligence agency further stated:

"The $2,400 to $2,900 range remains extremely critical for Ethereum, serving both as a resistance area and a potential breakout level necessary to maintain upward momentum."

Renowned trading analyst Daan Crypto Trades also noted that the ETH price must "convincingly break" the $2,400-$2,600 range to rise towards the high timeframe resistance levels between $2,800 and $2,850.

"We won't consider making too many moves until we can convincingly break the current range."

According to the analysis of Ethereum's cost basis distribution data, investors hold approximately 2.27 million ETH, with an average cost basis of $2,767, forming a potentially significant resistance area. Such a concentrated holding distribution suggests that a large number of investors may choose to sell as they approach the breakeven point, which could significantly suppress Ethereum's upward momentum.

From a technical analysis perspective, Ethereum (ETH) must successfully convert the $3,000 resistance level into effective support to lay the groundwork for a push above $4,000.

However, the primary task is for the ETH/USD trading pair to firmly close above the $2,600-$2,800 range, which currently coincides with the convergence of the 100-day and 50-day simple moving averages (SMA). Notably, the ETH price fell below this critical level in February, primarily due to market risk aversion triggered by Trump's tariff policies.

For bulls, a positive catalyst could be the sustained demand for spot Ethereum ETFs. According to Farside Investors, net inflows into Ethereum ETFs reached $100.7 million over the past three days.

Meanwhile, bears will attempt to keep the price below the $2,600 resistance level to increase the likelihood of pulling the price down. The current target is to push the price below the $2,400 level, which is the position of the 200-day simple moving average.

Below $2,400, the next key focus area remains between $2,200 and the psychological level of $2,000. If the price falls to $1,800, it would completely erase all gains made after the Pectra upgrade.

Related: SEC Delays Decision on Ethereum (ETH) Staking and Ripple (XRP) ETFs, Analysts: Expected

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