Key Points
- Ethereum [ETH] has begun trading above $3,000 once again, with its supply in profit also increasing.
- Ethereum’s Open Interest stays above $10 billion, indicating a positive market sentiment.
Ethereum [ETH](https://coineagle.com/price/ethereum/) has once again crossed the $3,000 price mark. After spending several days below this threshold, the price change has also resulted in an uptick in the supply of ETH in profit.
On February 24th, Ethereum’s daily timeframe chart showed a slight 2.43% increase. This pushed its closing price to around $2,992.
Continued Positive Momentum
Ethereum’s positive momentum continued, with an additional 1.5% increase at the time of writing. This brought the price back to the $3,000 range.
This marks the second time this month that Ethereum has crossed the $3,000 mark. This level has not been seen for over a year.
Ethereum’s Relative Strength Index (RSI) has also increased due to these recent price movements. The RSI had previously fallen and settled at 70, but it now stands at 75.
This suggests that Ethereum remains in a strong bull trend. It is currently in the overbought zone.
Ethereum’s Total Supply in Profit has been steadily increasing in recent weeks. The move beyond the $3,000 price level has significantly contributed to this.
Santiment’s supply data analysis shows a notable increase. Approximately 1 million ETH has been in profit over the last three days.
At the time of writing, the Total Supply in Profit was 121.66 million ETH. This is compared to 120.18 million noted on February 23rd. This subtle uptick represents the highest point in over a year.
This increase has pushed the Total Supply in Profit to a level where over 90% of all ETH is in profit.
On February 22nd, Ethereum’s Open Interest hit $10.8 billion, according to Coinglass. This is the highest level in several months.
Despite a slight decline, the Open Interest has remained above $10 billion.
At the time of writing, ETH’s Open Interest had seen a slight increase and stood at about $10.4 billion. This indicates a positive market sentiment, suggesting that more investors are entering the market. This leads to an increased cash inflow into the Ethereum network.
