Ethereum Breaks Key Resistance, Eyes $3,000 Target Amid Strong U.S. Demand

Ethereum's recent price surge has gained credibility after reclaiming $2,500 and closing above its key Exponential Moving Averages. This move turned former resistance into a crucial level for buyers to defend.

The bullish momentum is supported by stronger U.S. demand, rising Fund Holdings, and lower system-wide leverage. The Coinbase Premium Index surged 60%, indicating increased buying pressure from the U.S. market compared to other regions.

Elevated Fund Holdings reached a weekly high of 5.8 million ETH, worth approximately $14.5 billion at the current price. This institutional demand is coupled with lower system-wide leverage, as the Estimated Leverage Ratio fell to a monthly low of 0.73.