Ethereum has surged back above the pivotal $3,000, with bulls retesting the threshold amid a broader cryptocurrency rally.
This comes amid anticipation around the Federal Reserve’s upcoming policy decision.
Notably, the top altcoin’s price climbed as Bitcoin powered to above $89,000, likely capitalizing on a weakening US dollar that bolstered risk assets across markets.
Solana, BNB, and XRP, among other leading altcoins, also registered modest advances.
ETH retests $3,000 level
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Ethereum’s price surged by 4.1% in the last 24 hours to $3,020, at the time of writing.
While the uptick is a boost to buyers, the gains remain tempered as investor caution dominates ahead of the Fed’s policy decision.
Analysts say upbeat traders may be keen on clearer signals from the US central bank.
That’s specifically around whether the Fed takes the route of a widely anticipated pause in rate hikes, which will solidify the recent momentum in risk assets.
On the flip side, hawkish commentary on inflation and future policy could trigger a pullback.
As noted, Ethereum’s uptick aligned with Bitcoin climbing to $89k and strength in global equities.
The Asian markets saw major indices notch gains amid a softer dollar environment. In recent weeks, US dollar weakness has propelled rallies in traditional safe havens like gold and silver.
Analysts say crypto and stocks are playing catch-up.
Ether’s active wallet count explodes
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Network growth remains at the center of Ethereum’s underlying strength, with key upgrades and traction for aspects such as tokenization boosting overall sentiment.
Amid this trend, on-chain data shows the network’s count of non-empty wallets has surged to over 175.5 million, eclipsing levels set by any other cryptocurrency.
On-chain data and analytics platform Santiment notes that the milestone highlights robust on-chain activity, driven largely by sustained interest in staking.
“As staking continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink as well,” Santiment posted on X.
Whales increase exposure after ERC-8004 launch
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Ethereum has drawn fresh market attention following the introduction of ERC-8004, a new AI-oriented standard designed to provide autonomous on-chain agents with identity, reputation, and validation capabilities.
Large Ethereum holders boosted their positions in the wake of the announcement, with whale balances rising from 104.18 million ETH to 104.61 million ETH.
The increase of roughly 430,000 ETH represents about $1.3 billion in accumulation at prevailing market prices.
Ethereum price prediction
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As more users lock up ETH to earn yields, exchange balances will shrink, and sell-side pressure reduce.
The outlook positions Ethereum for a potential supply squeeze amid fresh demand.
Bullish sentiment across the broader market could also be a factor, with a Fed pause likely to catalyze gains.
If ETH strengthens above $3,000, the next key upside target lies around $3,500, where prior resistance clusters align.
That said, the possibility of range-bound action below $3,000 remains, particularly if macroeconomic cues disappoint.
Major support levels are around $2,750-$2,600.
