Ethereum surged past the pivotal $3,000 mark as bulls retested that threshold amid the cryptocurrency’s broad rally.
This was done amid expectations for the Federal Reserve’s future policy decisions.
Notably, Bitcoin’s rally to over $89,000 drove the price of top altcoins higher, likely taking advantage of a weaker dollar that strengthened risk assets across the market.
Among other major altcoins, Solana, BNB, and XRP also recorded modest gains.
$ETH Retest the $3,000 level
Copy link to section
Ethereum price has risen 4.1% in the past 24 hours to $3,020 at the time of writing.
Although this rally is a tailwind for buyers, the rise remains muted as investors remain cautious ahead of the Federal Reserve’s policy decision.
Analysts say optimistic traders may be looking to clearer signals from the U.S. central bank.
In particular, it will depend on whether the Fed follows through on the widely expected pause in rate hikes, which would solidify recent momentum in risk assets.
Conversely, hawkish comments about inflation or future policy could cause a backlash.
As mentioned above, Ethereum’s rise coincided with Bitcoin’s rise to $89,000 and solid global stocks.
In the Asian market, major indexes rose significantly amid a weak dollar environment. In recent weeks, a weaker U.S. dollar has accelerated the rally in traditional safe-haven assets such as gold and silver.
Analysts say cryptocurrencies and stocks are catching up.
The number of active Ether wallets has exploded
Copy link to section
Network growth remains central to Ethereum’s fundamental strengths, with major upgrades and traction on aspects such as tokenization boosting overall sentiment.
Amid this trend, the number of non-empty wallets on the network has surged to over 175.5 million, according to on-chain data, surpassing levels set by other cryptocurrencies.
Santiment, an on-chain data and analytics platform, notes that this milestone highlights robust on-chain activity driven primarily by sustained interest in staking.
“Forex supply will continue to shrink as well, as interest in staking remains strong, especially while markets are moving sideways,” Santimento wrote on X.
Whale exposure increases after ERC-8004 launch
Copy link to section
Ethereum is gaining new market attention after the introduction of ERC-8004, a new AI-oriented standard designed to provide autonomous on-chain agents with identity, reputation, and verification capabilities.
Following the announcement, large Ethereum holders increased their positions, increasing the whale’s balance from 104.18 million. $ETH Up to 104.61 million people $ETH.
Approximately 430,000 people increase $ETH At prevailing market prices, this amounts to approximately $1.3 billion.
Ethereum price prediction
Copy link to section
As more users lock $ETH In order to obtain yield, the exchange balance shrinks and the pressure on the seller side decreases.
This outlook suggests that Ethereum may experience tight supply amid new demand.
Bullish sentiment across the market may also be a factor, with a Fed pause likely to fuel the rally.
Ethereum price chart by TradingView
if $ETH Beyond $3,000, the next major upside target lies around $3,500, where the previous resistance group aligns.
That said, there is still a chance of range action below $3,000, especially if macroeconomic indicators disappoint.
The main support levels are around $2,750 to $2,600.
