{"id":26490,"date":"2024-02-20T16:26:54","date_gmt":"2024-02-20T16:26:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/analysts-say-3k-a-relatively-small-obstacle\/"},"modified":"2024-02-20T16:26:54","modified_gmt":"2024-02-20T16:26:54","slug":"analysts-say-3k-a-relatively-small-obstacle","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/analysts-say-3k-a-relatively-small-obstacle\/","title":{"rendered":"Analysts say $3k \u201ca relatively small obstacle\u201d"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683355236070-3535b9a6-5007-4a69-8585-b19e0daa9b84-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683355236070-3535b9a6-5007-4a69-8585-b19e0daa9b84-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683355236070-3535b9a6-5007-4a69-8585-b19e0daa9b84-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683355236070-3535b9a6-5007-4a69-8585-b19e0daa9b84-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Ethereum (ETH) price hit $3,005 on Coinbase on Tuesday, rising to its highest level since April 2022.<\/li>\n<li>About 879,000 addresses were in a loss and could sell when prices break above this level.<\/li>\n<li dir=\"ltr\">While ETH fell below the psychological level, analysts outline $3k as a \u201ca relatively small obstacle\u201d.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/ethereum\/\">Ethereum (ETH)<\/a> price rose to the psychological level of $3,000 for the first time in nearly two years on Tuesday, February 20. The cryptocurrency saw its value jump from lows of $2,880 to touch $3,005 on Coinbase, and $3,003 on Binance.<\/p>\n<h2 dir=\"ltr\">ETH price and the $3k hurdle<\/h2>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/ethereum\/\">Ethereum<\/a>\u2018s upside, which comes amid a significant move of over 25% in the past two weeks, means several Ethereum addresses that were in the red managed to turn profitable.<\/p>\n<p dir=\"ltr\">This in turn, suggests a potential retreat for the second-ranked crypto by market cap if these addresses decide to sell or break even. It could see ETH trade to support levels again, possibly below $2,900 before bouncing to target higher price levels.<\/p>\n<p dir=\"ltr\">According to IntoTheBlock, the on-chain picture for ETH at the $3k level indicates this should be a \u201crelatively small obstacle\u201d for bulls.<\/p>\n<p dir=\"ltr\">While a look at on-chain data <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1759962444904923495\" rel=\"noopener noreferrer\" target=\"_blank\">shows<\/a> more than 16 million ETH addresses, or about 14.7% of the wallets, were still in a loss with prices below $3k, more than 83% are in profit. Going by this, the 879k addresses likely to turn profitable above $3k might not present a major hurdle. However, there may still be some struggle to break past $3,400.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ETH is extremely close to breaking $3k. Here&#8217;s what the onchain picture looks like\ud83d\udc47<br \/>\u2796In total, there are still over 16 million ETH addresses holding at a loss (~14.7%).<br \/>\u2796There are about 879k addresses that would become profitable as Ethereum breaks $3k.<br \/>\u2796These addresses have\u2026 <a href=\"https:\/\/t.co\/P4hby7NdJJ\">pic.twitter.com\/P4hby7NdJJ<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1759962444904923495?ref_src=twsrc%5Etfw\">February 20, 2024<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">ETH traded to highs of $4,800 during the previous bull market and analysts have called for a break to above $5,000 in coming months. The potential <a href=\"https:\/\/coinjournal.net\/news\/spot-ethereum-etfs-approval-likely-on-may-23-standard-chartered\/\">approval of the first spot Ethereum exchange-traded fund (ETF)<\/a> in the US and network developments amid the Dencun upgrade could be key catalysts.<\/p>\n<p dir=\"ltr\">At the time of writing, ETH\/USD changed hands around $2,924 on Binance.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 615px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2024\/01\/20\/1708444932714-5971b590-8cc6-424e-adf5-03987e27d727.png\" style=\"width: 650px\" class=\"fr-fic fr-dib\" width=\"650\" height=\"311\"\/><span class=\"fr-inner\">Ethereum price on the daily chart. Source:\u00a0<a href=\"https:\/\/www.tradingview.com\/x\/vo2dfzba\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">\u00a0<\/p>\n<\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/eth-price-outlook-analysts-say-3k-a-relatively-small-obstacle\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Ethereum (ETH) price hit $3,005 on Coinbase on Tuesday, rising to its highest level since April 2022. About 879,000 addresses were in a loss and could sell when prices break above this level. While ETH fell below the psychological level, analysts outline $3k [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":26491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26490"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=26490"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/26491"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=26490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=26490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=26490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}