Ethereum Outshines Bitcoin Even As Price Remains Stuck Under $3,000
Despite struggling below $3,000, Ethereum shows strong network fundamentals, leading Bitcoin in active wallets and seeing significant exchange outflows.Summary
Ethereum's price action remains constrained, repeatedly failing to close above the $3,000 mark, currently trading near $2,946. However, underlying network data suggests strengthening fundamentals. Ethereum leads all major cryptocurrencies with over 167.9 million non-empty wallet addresses, highlighting broad user confidence driven by DeFi, NFTs, and smart contract activity. Furthermore, macro indicators show constructive signs, as approximately 397,495 ETH, valued over $1.17 billion, have been withdrawn from centralized exchanges this month, indicating accumulation and reduced immediate sell-side supply.
Technically, Ethereum is defending the $2,762 support zone. A successful breakout above $3,000 could target $3,131 and potentially $3,287. Conversely, a breakdown below $2,762 would invalidate the bullish on-chain thesis and could lead to a drop toward $2,681.
(Source：BeInCrypto)