Why can’t Ethereum hold $4K? ETH recovery in doubt as data leans bearish
Ethereum struggles to maintain the $4,000 level due to weak futures demand, ETF outflows, and declining network activity, suggesting bearish pressure.Summary
Ether (ETH) has been consolidating around $4,000 following a flash crash, with recovery prospects looking doubtful as market data leans bearish despite positive macroeconomic news like the Fed's rate cut. Key indicators show low bullish sentiment: Ether futures are only at a 5% premium, which is low, and US spot Ethereum ETFs have seen minimal net inflows that failed to sustain upward momentum. Furthermore, on-chain demand appears weak, evidenced by a 16% drop in Ethereum network fees over the past week and a 4% decrease in active addresses. Analysts warn that if ETH cannot reclaim the $4,000 support soon, it could fall toward $3,800, potentially triggering a sell-off to the $3,500-$3,700 zone. Bulls need to defend support around $3,800-$4,200 and push past the 50-day Simple Moving Average at $4,200 to signal a continuation of the uptrend.
(Source：Cointelegraph)