The placenta is a vital organ for growth and development of the fetus. Shear Wave Absolute Vibro-Elastography (SWAVE) is a new elastography technique proposed to detect placenta disorders. Elastography involves applying a force on the tissue and measuring the resulting tissue deformation. All types of compression cause the tissue to expand in three directions given the biological tissues are nearly incompressible. Hence, 3D displacement estimation should lead to the most accurate elasticity reconstruction compared to the traditional 1D methods. Previous studies estimated 3D displacements over ultrasound volumes mostly for quasi-static compression to generate strain images. However, accurate displacement tracking of dynamic motion continues to be a challenge. In this work, a novel volumetric regularized algorithm, 3D GLobal Ultrasound Elastography (GLUE3D), is presented to estimate the 3D displacement over a volume of ultrasound data, following by a 3D Young's modulus reconstruction. The proposed method outperforms the previous 2D method over a volume and is compared with a 3D technique using phantom data for which the elasticity are provided by the values from magnetic resonance elastography on the same phantom and also the manufacturer reference numbers. We then present Young's modulus reconstruction results obtained from clinical data of placenta which shows more uniform elasticity maps compared to the traditional 1D displacement measurements over a volume of ultrasound data. Furthermore, the dependency of the elasticity values to the frequency is investigated in this study.