Ethereum is trying to reclaim the $3,000 level! After a series of unsuccessful attempts this month, ETH briefly surged in early trading but continues to face resistance due to the fragile market environment.
Although momentum is weak, on-chain data shows that investors are positioning themselves for a potential recovery.
The Increase in Ethereum Holders Continues
Growth on the Ethereum network has reached a peak not seen in four years and seven months. This indicator reveals how quickly new addresses are joining the network. Even in this period when ETH is struggling to break higher levels, it signals renewed interest at current prices.
An increase in network growth typically brings new capital into the market. New participants increase liquidity and strengthen the demand base. This trend is quite critical for Ethereum: because the sustainability of price movements relies not only on short-term speculative trading but also on permanent capital inflows. Strong address growth indicates that long-term trust is being maintained.
Would you like more token insights like this? You can subscribe to Editor Harsh Notariya's Daily Crypto Bulletin here.
One of the main players behind this growth is Bitmine. The company's treasury strategy to accumulate Ethereum has progressed quite rapidly. Bitmine currently holds approximately 4,066 million ETH. This corresponds to 3.37% of the total supply and occurred in just six months.
The company's goal has been announced to the public: to own 5% of all ETH. This move could further tighten the circulating supply and provide serious support for price increases.
The macro indicators present a mixed picture. The MVRV Long/Short Difference is still negative and at low levels. This indicates that neither long-term investors nor short-term traders are in profit. Investors not in profit generally approach trading more hesitantly; this leads to stagnation in trading volume.
Unprofitable environments can pressure transaction speed within the network. However, this also reduces selling pressure. If general macro conditions improve; the holding attitude of long-term investors could create a price floor. Their reluctance to sell at low prices could pave the way for recovery as demand returns.
The current table in Ethereum actually reflects this delicate balance. While weak profitability reduces excitement, it also prevents an aggressive selling wave. If a strong external catalyst comes, investor sentiment could suddenly turn positive, and strong hand investors could quickly accumulate supply, pushing ETH upwards.
As of the time this article was written, Ethereum is trading around $2,968 and continues to remain just below the $3,000 resistance. In recent weeks, this level has formed a ceiling in price movements. If ETH cannot regain this area, volatility and short-term pullbacks are likely to remain on the agenda.
To return to the peak of $3,447 we saw in December, ETH needs to recover approximately 16%. The first barrier is $3,131, which is a strong resistance area. Steady growth in the network and large players like Bitmine continuing to accumulate ETH could provide the buying support needed to reach this level.
If Ethereum cannot hold the $3,000 support, downward risks will continue to remain on the agenda. A rejection could push the price back to the $2,798 range; this level has been tested before. We know that ETH has exhibited strong movements in this range, so losses could accelerate in the event of a breakout, and it may be necessary to wait for a while for stability.
