Ethereum is once again trying to reclaim the $3,000 mark after several unsuccessful attempts this month. ETH briefly saw a slight increase in the morning trading session, but still faced resistance due to the overall weak market.
Although the motivation for price increase is not strong, on-chain data shows that investors may be preparing to support a potential recovery.
The number of Ethereum holders continues to increase.
The network growth rate of Ethereum has reached its highest level in 4 years and 7 months. This metric reflects the rate at which new addresses are joining the network. This increase indicates a renewed interest at the current price level, even if ETH has not managed to break out.
Network growth often brings in new capital. New participants help increase liquidity and strengthen demand foundations. For Ethereum, this is an important signal as price recovery requires strong, continuous capital flow rather than short-term speculative trading. The sharp increase in the number of addresses indicates that investor confidence remains strong.
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Bitmine is one of the major contributors to this growth. The company has quickly accumulated a large amount of Ethereum through a treasury strategy. Currently, Bitmine holds approximately 4.066 million ETH, accounting for 3.37% of the total supply just after 6 months.
This company publicly aims to hold 5% of the total ETH, a move that could further reduce the circulating supply and push ETH prices higher.
Macroeconomic indicators show a rather fragmented picture. The MVRV Long/Short Difference is still at a low negative level, indicating that both long-term investors and short-term traders are not yet in profit. When investments are not profitable, trading often slows down as people hesitate to sell at a loss.
The difficulty in making profits may dampen activity on the network. However, this also reduces selling pressure. If the macroeconomic situation improves, long-term investors will become an important support force. Their patience in not panic selling at unfavorable prices will create a stable foundation, aiding price recovery when capital flows return.
The current situation of Ethereum reflects this balance. Low profits dampen enthusiasm, but there is also no strong selling pressure. If additional positive factors arise from outside, market sentiment could shift quickly, and strong capital investors will absorb supply and push ETH prices up.
At the time of writing, Ethereum is trading around $2,968, just below the resistance zone of $3,000. This level has repeatedly stifled ETH's upward momentum in recent weeks. If this level cannot be reclaimed, ETH will continue to experience high volatility and be susceptible to short-term corrections.
To return to the peak of $3,447 in December, ETH needs to recover about 16%. The first resistance ahead is the $3,131 zone – this is an important resistance. If the network continues to grow strongly and large institutions like Bitmine keep accumulating, there will be enough buying momentum for ETH to surpass this level.
Downside risks remain if Ethereum cannot hold the $3,000 mark as support. If rejected, the price could drop to the $2,798 zone – this is a level that has been tested before. When ETH often experiences high volatility in this area, if it drops deeply, the decline could accelerate before prices stabilize.
