## Ethereum Price Hits $3,000, Analysts Consider the Milestone Nothing More Than a ‘Relatively Small Obstacle’

Ethereum (ETH) saw a significant price surge on Tuesday, reaching a high of $3,005 on Coinbase, marking its highest level since April 2022. This rise in price has brought a level of optimism to the market, as the second-ranked crypto asset by market capitalization has been hovering just below the significant psychological level of $3,000. While some market analysts consider this to be a minor obstacle, others anticipate a slight challenge for ETH to breach the $3,400 mark.

### ETH at $3,000: A Hurdle or a Stepping Stone?

The recent surge in Ethereum’s price has resulted in over 25% growth over the past two weeks. This surge in value has turned the tide for numerous Ethereum addresses that were previously at a loss, potentially making them profitable. However, this has also increased the likelihood of these addresses selling off their holdings or at least breaking even, which could trigger a temporary decline in ETH’s price. Analysts are closely watching this scenario and are contemplating the possibility of ETH retracing to support levels below $2,900 before rebounding.

According to IntoTheBlock, a blockchain intelligence company, the on-chain data suggests that the $3,000 level should present “a relatively small obstacle” for bullish momentum. The analysis indicates that while around 14.7% of Ethereum wallets (approximately 16 million ETH addresses) are still at a loss with prices below $3,000, more than 83% are currently in profit. This means that the 879,000 addresses expected to turn profitable above $3,000 may not pose a major hurdle; however, surpassing the $3,400 mark could potentially be more challenging.

### What Lies Ahead for Ethereum’s Price

During the previous bull market, ETH reached highs of $4,800, and now analysts are predicting a potential breakthrough above $5,000 in the coming months. Key catalysts for this include the potential approval of the first spot Ethereum exchange-traded fund (ETF) in the US and network developments amidst the upcoming Dencun upgrade. As of the time of writing, ETH/USD was trading around $2,924 on Binance, indicating a volatile yet optimistic market sentiment.

*Ethereum price on the daily chart. Source: [TradingView](https://www.tradingview.com/x/vo2dfzba/)*

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**FAQs**

Q: What is Ethereum’s highest price in recent times?
A: Ethereum rose to hit a high of $3,005 on Coinbase and $3,003 on Binance, marking its highest level since April 2022.

Q: What are analysts saying about Ethereum’s price reaching $3,000?
A: Some analysts consider $3,000 to be a minor obstacle, while others anticipate a slight challenge for ETH to breach the $3,400 mark.

Q: What catalysts are expected to impact Ethereum’s price in the near future?
A: The potential approval of the first spot Ethereum exchange-traded fund (ETF) in the US and network developments amidst the upcoming Dencun upgrade are anticipated to impact Ethereum’s price in the coming months.

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