Why can’t Ethereum hold $3K? ETH recovery in doubt as data tilts bearish
Ethereum struggles to maintain $3,000 due to weak futures demand, long-term holder selling, and declining network activity, suggesting a potential drop to $2,300.Summary
Ether (ETH) has been consolidating around $3,000 following a flash crash, but recovery is uncertain as key data points to bearish sentiment. The price is currently rejected by resistance at the 50-day EMA ($3,260) and faces selling pressure from investors holding significant amounts of ETH around the $3,100–$3,250 level. Bullish momentum is weak, evidenced by low premiums in ETH futures markets, indicating reduced demand for leveraged long positions. Furthermore, selling pressure is exacerbated by a significant drop in the supply held by long-term holders and a 45% decrease in Ethereum network fees over the last 30 days, suggesting lower on-chain demand. Technically, ETH/USD has formed a bear flag on the daily chart, targeting $2,300 if support around $2,800 fails, with a break below $2,800 potentially leading to a deeper correction toward $2,376 or $2,623.
(Source：Cointelegraph)