Ethereum price loses $3K again as onchain data sends mixed signals

Ether dropped to $2,800 on Monday, failing to hold the $3,000 psychological barrier amid concerns over a potential Bank of Japan rate hike. Technically, $3,000 has flipped from support to resistance, with analysts noting a key resistance zone between $3,150 and $3,230. Bulls must defend the $2,800-$2,850 support zone, as a drop below this invalidates the macro bullish trend, while a sustained break above $3,200 could lead to a rally toward the mid $3,000s. Supporting sentiment, US-based Ethereum ETFs saw significant inflows ($312 million last week), suggesting institutional demand remains strong. However, network demand appears weak, evidenced by a 54% drop in Ethereum network fees, although active addresses and transaction counts saw modest increases. Contrarily, the MVRV Z-Score is approaching the historical accumulation zone, suggesting ETH might be forming a local bottom, similar to June's pre-rally conditions.

(Source：Cointelegraph)