Ether $ETH is currently wrestling with the $3,000 resistance level, following a remarkable 29.7% surge from Feb. 6 to Feb. 20. Analysts attribute ETH's recent gains to a decrease in supply, driven by growing demand for staking, decentralized finance (DeFi) applications, and the shrinking supply caused by the network's proof-of-stake burn mechanism.

While Ether’s rally to $3,000 is impressive, the real question is can the altcoin gather enough strength to reclaim the sought-after $3,300 level last seen in March 2022?

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