Ethereum Price Drops Below $3,000 Amid Declining Holder Conviction

Ethereum's price is under renewed pressure, dropping below $3,000 for the third time this month after a failed recovery attempt, reinforcing a two-month downtrend. On-chain data shows declining profit levels for both long-term and short-term holders, evidenced by the MVRV Long/Short Difference slipping below zero, indicating reduced conviction across the market. Furthermore, network activity has weakened, with active addresses hitting a seven-month low, suggesting decreased participation and fading confidence among ETH holders. Currently trading around $2,929, Ethereum faces a potential retest of the $2,762 support level. A sustained move back above $3,000 is necessary to challenge the $3,131 resistance and invalidate the current bearish outlook.

(Source：BeInCrypto)