Ethereum Smashes Through $2,600—On-Chain Metrics Hint at $3,000 Next

Ethereum isn’t just climbing—it’s scaling the financial Everest with ice picks made of burning gas fees. On-chain data shows whales accumulating while retail FOMO still lags behind. Classic.

Key signals flashing green: Exchange reserves are draining faster than a crypto bro’s savings during a bull run, and the futures market isn’t even overheated yet. That’s when you know this rally has legs.

The kicker? Wall Street’s ’blockchain experts’ are still busy explaining why they sold their ETH at $900. Meanwhile, the chain keeps printing millionaires who actually read the whitepaper.

Ethereum Price Chart This recent rally follows a breakout from a falling channel and a key supply zone near $1,850. Additionally, the uptrend has broken through the 38.20% Fibonacci level and crossed the 200-day EMA, near the critical $2,400 psychological level. Ethereum now aims to test the 50% Fibonacci level near $2,700. The sudden spike in buying pressure has driven the Money Flow Index to 83. As inflows increase, the uptrend is likely to clear overhead resistance levels. Furthermore, bullish alignment of the 50-day and 100-day EMAs hints at a potential positive crossover. A breakout above the 50% Fibonacci level could significantly increase the chances of Ethereum testing the $3,000 psychological mark this week. On the downside, crucial support lies at the 100-day EMA near $2,145, just below the 38.20% Fibonacci level at $2,400. On-Chain Data: 69M ETH Turns Profitable With Ethereum trading near the $2,600 mark, data from IntoTheBlock shows that 10 million investors have become profitable. These investors hold a combined volume of 69 million ETH, acquired at an average price of $2,259 and a maximum of $2,423. Ethereum’s ongoing recovery is set to challenge a key resistance zone, where 8.09 million investors hold approximately 8 million ETH at an average cost of $2,740. If Ethereum breaks through this zone, a smooth climb to $3,000 seems likely.

IntoTheBlock Ethereum Price Rally Liquidates $18.56M in Bearish Positions As Ethereum’s rally gathers momentum, derivatives data shows an increase in trading activity. ETH open interest has jumped by nearly 2% to $29.43 billion, while the funding rate reflects growing bullish sentiment at 0.0076%.

Ethereum derivatives Interestingly, liquidation data shows that $18.56 million worth of bearish positions have been wiped out. This has given a psychological boost to Ethereum’s rally as the week begins.