Ethereum (ETH) one of the leading cryptocurrencies has recently surpassed the $3000 level mark. This is the first time ETH has reached this level since April 2022. This massive hit in ETH price highlights its strong performance in its bullish trend and the strong support from prominent investors.

Levels To Watch Out For ETH

At this stage, ETH resistance level ranges between $3,040 to $3,065. If the bullish trend continues, it could go beyond $3,120 and could potentially rise to $3,220.

However, it is still important to keep an eye on the specific support levels for Ethereum in case the price goes bearish. Support levels at $2,995 and $2,950 may still be stable for ETH.

Looking at the charts, the hourly MACD for ETH is gaining momentum in the green zone, meaning that bulls are in control of ETH. At this time of writing, ETH is up by 0.75% trading at $2,917 with a total market cap of $350.55 billion. 

Investor Made $17 million ETH Trade

Meanwhile in the cryptocurrency market, a remarkable transaction has been witnessed in the options market. An investor has made today’s largest single block trade, involving a staggering $17 million in Ethereum contracts. The transaction include selling of 3,000 units of certain Ethereum options contract while buying the same amount of another. This strategic move helps in maintaining a positive stance on Ethereum’s future. 

Expert Thinks ETH is “Detached From Reality”

Fred Krueger, a BTC ETF expert, expressed his thoughts about ETH hitting the $3000 level. Krueger stated that “ETH is completely detached from reality”. Krueger also commented on Ethereum’s valuation and even compared it to meme coins like Shiba Inu because of its inflated market cap but has low active users.

Furthermore, Krueger stated that Ethereum is both overvalued but is facing a tough competition from other blockchains that has higher transaction costs and speed.