Ethereum Price Update: $3,050
Ethereum (ETH) may record its first weekly gain in five weeks. Buying pressure is increasing and now outweighs selling.
ETH is testing resistance at $3,100 after reclaiming the key support level of $2,850.
Market Trends and On-Chain Activity
- ETH exchange netflows dropped to their lowest in over a month.
- On Friday, outflows exceeded inflows by nearly 180,000 ETH.
- Investors are moving assets from exchanges to private wallets for longer-term holding.
- Institutional investors bought ETH, with ETFs seeing $292 million in net inflows over four days.
- Ethereum active addresses rose to 601,000 on Thursday, a 2025 high.
Higher active addresses suggest increased use of DeFi and other blockchain platforms.
Derivatives Data and Price Forecast
- ETH futures open interest rose slightly to 12.1 million ETH.
- Short liquidations outpaced long liquidations, indicating possible bearish exhaustion.
- ETH price found support around $2,750-$2,850, near accumulation addresses’ average cost basis.
- Whales holding 10,000 to 100,000 ETH also concentrated their cost basis in this range.
If ETH rises above $3,100, it could climb to $3,470, but must first pass the 50-week EMA.
The RSI has stopped declining, and the Stochastic Oscillator nears a bullish crossover, signaling weakening bearish momentum.
