Ethereum reclaims $3,000 for the second time in February
Ethereum’s ascent to $3,000 has increased its Total Supply in Profit, but what about trader sentiment?
- ETH has started trading above $3,000.
- Open Interest remained above $10 billion.
After residing below this threshold for several days, Ethereum [ETH] has re-entered the $3,000 price range. This shift in the price range has concurrently led to an increase in ETH’s supply in profit.
Ethereum remains in the overbought zone
Analysis of Ethereum’s daily timeframe chart revealed a modest 2.43% increase on the 24th of February, pushing its price to approximately $2,992 at the close of the trading session.
Subsequently, Ethereum continued its positive momentum at the time of writing with an additional 1.5% increase, bringing the price back into the $3,000 range.
This was the second time that ETH had surpassed the $3,000 threshold this month, a level not observed for over a year.
These recent upward movements have also elevated Ethereum’s Relative Strength Index (RSI). Previously, the RSI had experienced a decline and settled at 70. But at press time, it stood at 75.
This indicated that Ethereum was still in a robust bull trend and was residing in the overbought zone at press time.
Ethereum supply in profit climbs to months-high
Ethereum’s Total Supply in Profit has consistently grown in recent weeks, with the surge beyond the $3,000 price level contributing significantly.
An analysis of the supply data on Santiment showed a notable increase of around 1 million ETH in profit over the past three days.
At the time of this writing, the Total Supply in Profit was 121.66 million ETH, compared to 120.18 million observed on the 23rd of February. This recent uptick, albeit subtle, signifies the highest point for over a year.
This surge has propelled the Total Supply in Profit to a level where over 90% of ETH’s entire ETH supply was in profit at press time.
ETH’s sentiment remains positive
On the 22nd of February, as per Coinglass, Ethereum’s Open Interest reached $10.8 billion, marking its highest level in months.
Although there was a subsequent decline, the Open Interest remained within the $10 billion range.
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At the time of this writing, ETH’s Open Interest had seen a slight uptick and was around $10.4 billion.
This suggested positive sentiment, indicating that more investors are entering the market, leading to increased cash inflow into the Ethereum network.
