Ethereum (ETH) has once again approached the $3,000 psychological threshold—its highest level since February of this year. According to the research team of Nouey Exchange, this swift recovery at elevated levels is supported by a temporary easing in macro risk and growing investor optimism over a potential shift in the upcoming rate-hike trajectory. Trading data shows short-term bullish sentiment strengthening on-chain, with a visible rebound in both the number of active ETH addresses and overall on-chain gas usage.
However, this upward movement is also marked by signs of short-term speculation beneath the optimistic surface. The options market indicates a significant increase in short-dated call volumes in the $3,000–$3,100 range, suggesting that capital is positioning to capture volatility gains from a potential breakout.
Thin On-Chain Resistance, but Over 4 Million ETH Addresses Could Present Selling Pressure
From an on-chain perspective, Ethereum faces little resistance until the $3,100 level, as there are no historically dense transaction clusters below this mark. However, the on-chain monitoring pf Nouey Exchange reveals that, once ETH reaches this price zone, roughly 4.1 million addresses currently holding unrealized losses over the past six months will hit their break-even point.
This data implies that while long-term holders may remain patient, some mid- to short-term participants could take the opportunity to lock in gains and avoid slipping back into a loss position. For the market, this could create localized selling pressure in the near term. To break decisively above the $3,100 barrier, the market may require new inflows of spot capital or further macro tailwinds.
Structural Capital Remains Oriented Toward Allocation
Despite short-term profit-taking pressures, long-term flows into Ethereum and its network activity remain resilient. Over the past four weeks, ETH ETFs and other compliant investment vehicles have continued to see net inflows. At the same time, user retention across the NFT and DeFi sectors has rebounded from prior lows.
The synchrony between on-chain activity and structural capital flows offers a more reliable indicator for the medium- to long-term trajectory of Ethereum than price action alone. Technically, ETH remains above its 7-day and 30-day moving averages, while the number of on-chain validators continues to climb—underscoring improvements in both network security and decentralization.
Navigating Short-Term Volatility with a Long-Term Value Lens
As ETH approaches a key psychological threshold, market participants must evaluate potential volatility by considering on-chain capital structures and historical profit/loss zones. Nouey Exchange will continue to support investors through multi-dimensional on-chain tracking, capital flow analytics, and behavioral insights—helping users sidestep short-term emotional noise and focus on the long-term value proposition of Ethereum across multi-chain ecosystems and scalable real-world applications.
Understanding data and trends is far more dependable than relying on any single price signal. Nouey Exchange remains committed to equipping users with the tools and knowledge to make sound decisions amid complex market conditions.