ETH price consolidates near $3,250 as on-chain metrics signal long-term growth
Ethereum price holds firm above $3,000, igniting investor optimism amid resistance test
Ethereum price has held steady above the psychological $3,000 mark, reigniting optimism among investors. This stability comes after a recent surge that saw ETH testing resistance near $3,400. Despite falling short of breaking higher, Ethereum’s consolidation within the $3,000–$3,250 range has lasted seven days, prompting questions about its next move.
Retail investors appear committed to a "buy-and-hold" strategy. On-chain metrics from CryptoQuant reveal limited ETH deposits to major exchanges like Binance and OKX, signaling low selling pressure. The Spent Output Profit Ratio (SOPR) remains near 1, showing most transactions are occurring at breakeven levels. Together, these trends highlight investor confidence in Ethereum’s long-term potential.
In addition, Ethereum’s dominance in fees and network activity remains unmatched. Over the past 30 days, Ethereum generated $149.9 billion in on-chain volumes, far surpassing Binance Chain’s $26.6 billion, a staggering 82% gap. Ethereum also saw a 37.7% increase in activity, while Binance Chain lagged with only a 6% uptick. These metrics reinforce Ethereum’s leadership position in the blockchain space.
Ethereum unmatched network activity bolsters ETH price forecasts
However, critics often cite Ethereum’s $7.50 average transaction fee as a growth hurdle but then, the increasing adoption of layer-2 scaling solutions like Arbitrum and Optimism has alleviated some concerns. These networks rely on Ethereum’s base layer for security, strengthening the ecosystem while reducing costs for users.
Ethereum’s price stability above $3,000 has many analysts forecasting a move toward $4,000. Due to the recent bullish crossover of the 50 and 100 EMA, some even predict long-term targets of $10,000 to $13,000. For now, Ethereum’s ability to maintain dominance in fees, network activity, and staking returns highlights its leadership. However, the challenge lies in delivering on its scalability promises without disrupting the layer-2 ecosystem.
Ethereum’s price remains steady above $3,000, while debates over scaling solutions intensify. Rollups, as a key layer-2 solution, are to address security, interoperability, and scalability challenges on the network.
