Ethereum(CRYPTO: ETH) has stalled as its rally takes a breather. The coin traded at $2,681 on Saturday, Oct. 3, slightly below its year-to-date high of $2,806. Despite this pullback, several catalysts could push it above $3,000, according to Citigroup(NYSE:C) analysts.
Ethereum Demand Continues Rising
ETH price has done well in the past few months, moving from the year-to-date low of $1,516 in June to the current $2,682. This rally has stalled recently, mirroring the performance of other top coins like Bitcoin(CRYPTO: BTC) and XRP(CRYPTO: XRP).
There are signs that demand is still rising. BitMine Immersion(NASDAQ:BMNR) has bought more coins this year and now holds over 6 million. It aims to hold 5% of the circulating supply.
Spot Ethereum ETF inflows have also done well. These funds added over $832 million in inflows last month after adding $1.82 billion a month earlier. In total, they have added close to $3 billion in assets in the last three months, bringing the cumulative inflows to $13.8 billion.
More Ethereum investors are staking their tokens, where they are earning an annual reward rate of 2.57%. The staking ratio has jumped to 35%, with the amount of staked tokens being valued at over $117 billion. The real figure may be much higher since StakingRewards has not tracked BitMine’s MAVAN staking platform.
Other Ethereum metrics are also bullish. For example, the total value locked (TVL) in its decentralized finance (DeFi) ecosystem jumped to $54 billion from $39 billion in June this year.
Ethereum Price Technicals Point to More Gains
The daily chart shows that ETH price has rebounded in the past few months. It has soared from a low of $1,516 in June to the current $2,680.
Ethereum has moved above the Supertrend indicator, a sign that bulls are in control. At the same time, it formed a golden cross pattern on September 6 this year. A golden cross normally leads to more gains over time.
Therefore, the token may continue rising as bulls target the important resistance level of $3,000, up by 12% from the current level. A move above that price will point to more gains towards $3,400, its highest level on January 14.
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