Is Ethereum Expected to Break 3000 Is the Bull Market Approaching

CoinWorld reports:
Ethereum (ETH) is the second-largest cryptocurrency by market capitalization, and its upward momentum appears robust, potentially reaching the $3,000 mark soon. Despite most top cryptocurrencies, including Bitcoin (BTC), Solana (SOL), and several others, struggling to gain traction, ETH’s value has increased by over 4%.
With the rise in open interest and funding rates, the clear network growth indicates a rapidly increasing demand for Ethereum. In light of this series of favorable developments, many investors are beginning to anticipate whether ETH can further appreciate and break the $3,000 level, becoming a key player in the next bull market.
According to Binance data, ETH rose by 18.7% between September 17 and September 24, outperforming Bitcoin’s increase of 1.8%, which was priced at $63,000 during the same period. The overall cryptocurrency market capitalization increased by 2%, reaching $2.3 trillion.
ETH/BTC Strengthening



Over the past week, ETH has risen 17.5%, significantly related to Bitcoin’s 9.8% increase during the same period. Recently, the ETH/BTC trading pair dipped to a three-year low of 0.0384 but surged approximately 7.5% in the past week, surpassing a three-week high of 0.0424 on September 23. This consumption of ETH/BTC has triggered a notable increase in market demand for ETH.
Inflow of Ethereum ETF Funds Turns Positive
Last week, the inflow of funds into the U.S. spot Ethereum ETF turned positive, recording inflows of $5.2 million and $2.9 million on September 19 and 20, respectively. However, the inflow of funds into Ethereum investment products still lags behind Bitcoin, with ETH experiencing a net inflow for the fifth consecutive week, totaling over $29 million from September 16 to September 20. This phenomenon is primarily attributed to the continuous outflow of funds from trust funds and the inability of newly issued ETFs to attract sufficient capital.



ETH’s strong performance is also reflected in the prior dominance of Bitcoin in the market. Data shows Bitcoin’s market dominance fell from 58.7% on September 19 to 57.4% on September 24, indicating a weakening performance of Bitcoin relative to altcoins like ETH.
With the initial step of Bitcoin’s declining dominance, the market anticipates a further rise in the ETH/BTC ratio, leading to an increased bullish sentiment among investors towards ETH, potentially driving more funds into Ethereum-related investment products.
Bullish On-Chain Indicators for ETH
On-chain indicators that reflect market sentiment further support this bullish outlook. The current long/short ratio for ETH stands at 1.033, indicating a bullish market sentiment.



Additionally, the number of open futures contracts has increased by 4.8% in the past 24 hours, steadily rising since September 9, 2024.



The increase in open futures contracts indicates that bulls are establishing more long positions. Currently, 50.82% of top traders hold long positions, while 49.18% hold short positions.
Ethereum Network Activity Indicates Increased Demand for ETH
Analyzing Ethereum’s network activity and scaling solutions is crucial for maintaining the $2,600 support level. As the core of the Ethereum ecosystem, the trading volume of decentralized applications (DApps) typically reflects an increase in demand for ETH.



Although the number of unique active wallets for Ethereum DApps slightly decreased by 1.42% in the past 24 hours, the trading volume surged by 21.92%. This indicates that despite a decline in user numbers, the intensity of activity on DApps remains significantly heightened.



Moreover, thanks to the growth driven by DeFi platforms such as Uniswap, Balancer, ParaSwap, and Aave, DApp trading on the Ethereum network has architecturally increased by 6.5%. The total value locked (TVL) in Ethereum also rose from $44.1 billion on September 18 to $49.35 billion on September 24, showing increased interaction from users with the blockchain.
The continuous growth of the Ethereum network, increased trading activity, and higher DApp usage rates are key drivers for maintaining ETH’s price above $2,600