Ethereum Price Stuck Near $2,000 as Holder Exodus Slows Recovery
Ethereum is consolidating near $2,000, facing resistance despite slowing holder selling pressure due to declining new network participation.Summary
Ethereum's price is currently stuck trading in a narrow range near $2,000, struggling to gain sustained upward momentum. On-chain data shows that the Spent Output Profit Ratio (SOPR) has reached 0.92, indicating that investors are selling at a loss, which historically suggests selling pressure might be nearing exhaustion and could support stabilization.
However, a significant concern is the sharp decline in new network participation; the number of new Ethereum addresses dropped by 34% over 48 hours, falling to an eight-week low. This contraction in new onboarding limits fresh capital inflows, potentially constraining short-term price appreciation.
Technically, ETH is trading around $1,970, holding above $1,902 support but failing to break the $2,051 resistance level (23.6% Fibonacci retracement). Continued consolidation between $1,902 and $2,241 is expected unless demand strengthens enough to reclaim $2,051, which could then target $2,395.
(Source：BeInCrypto)