Ethereum Price Tests $3000 Threshold

The second-largest cryptocurrency by market capitalization has continued its steady ascent, testing the $3000 level.

The chart below shows a surge in trading volume amid the upward price movement:

At the time of writing, Ethereum is trading around $2986. The cryptocurrency’s market capitalization stands at $358.4 billion, according to CoinGecko.

Ethereum last traded at such high levels in April 2022. The all-time high was recorded in November 2021 at $4878.26, according to CoinGecko.

The share of ETH supply in unrealized profit has exceeded 94%.

Ethereum’s deflation rate is -0.2%, with 2.07 ETH being burned every minute, according to ultrasound.money.

MN Trading founder Michaël van de Poppe suggested that Ethereum is undervalued, considering the current market value of digital gold.

$3,000 for Ethereum.

To be honest, it’s still undervalued to #Bitcoin.

Given the valuation of Bitcoin at $52,000, it would be normal to have a valuation of $3,800 per $ETH.

The upside is gigantic.

— Michaël van de Poppe (@CryptoMichNL) February 20, 2024

“Given the valuation of Bitcoin at $52,000, it would be normal to have a valuation of $3,800 per ETH. The potential is enormous,” the expert noted.

Amid the market’s revival, a dormant address has been reactivated after 8.6 years. Its owner deposited 1732 ETH ($5.15 million) to the Kraken exchange.

After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.

He received 3,465 $ETH($10.3M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP

— Lookonchain (@lookonchain) February 20, 2024

According to Lookonchain, this involves an Ethereum token sale participant, during which the cryptocurrency’s price was $0.31.

Earlier, analysts at Amberdata expressed the view that Ethereum will outpace Bitcoin in growth due to its “more constructive deflationary policy.”