Upward Breakout Looms as Ethereum Returns to $3K

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Ether rebounded 16% to reclaim $3,000 as whales accumulate heavily, exchange supply hits nine-year lows, and network activity surges.

Ether’s price reclaimed the $3,000 level on Monday, a 16% rebound from the $2,620 multimonth low reached on Nov. 21. Market analysts pointed to key data metrics that suggest that ETH is “building up for breakout” to higher highs.

Key takeaways:

Ethereum whales accumulated aggressively over the last six months.

Robust network activity, Ethereum scaling upgrades in January are tailwinds for ETH.

Traders expect ETH to rally to all-time highs once the barrier at $4,000 is broken.

What’s behind Ether’s rebound?
Ethereum whales remained confident about the prospects of a further rally, using the recent pullback to accumulate more tokens. 


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