Ethereum Price Breaks Month-Long Range, Eyes $3,000 Target

The Ethereum price has broken through its month-long range and is now eyeing a major psychological level. ETH traded at $2,710 on Monday, up nearly +5% on the day, according to CoinGecko data.

This surge in value can be attributed to easing macro pressure, falling commodity prices that reduced inflation fears, and a recovery in global risk appetite. Additionally, short positions were liquidated as ETH broke out of its range, further fueling the rally.

The Layer 2 networks, Base, Arbitrum, and Optimism, are also showing rising transaction volumes and total value locked. Meanwhile, capital rotating out of consolidating Bitcoin has pushed the ETH/BTC pair higher.