Ethereum Builds Momentum: Can ETH Price Reclaim $3,000?

Ethereum's price has risen to $2,755, a 0.61% increase, marking three consecutive days of gains. The cryptocurrency is approaching a key resistance level of $2,807, which is a 38.2% Fibonacci retracement level. If Ethereum breaks above this level, it could rally towards $3,000, a psychologically important level that also aligns with the 50% Fibonacci retracement level. Technical indicators like the RSI are showing positive momentum, with the RSI recovering from oversold territory. Short-term technical signals on hourly and 4-hour charts are also bullish. A large Ethereum holder (whale) has moved 4,700 ETH, worth about $13 million, after 500 days of inactivity, suggesting renewed confidence in the price. Ethereum network activity has also increased, with daily active addresses rising by 12.10% in the past week to over 200,000. However, institutional investment in Ethereum remains low, with net outflows of $13.09 million from US spot ETFs on February 20th, driven by Grayscale and Fidelity selling. If Ethereum surpasses $3,000, further price targets are $3,241 and $3,591. Key support remains at $2,568.