$ETH
ETH is trading around $2,900–$3,030 (depending on the source) after a recent drop below the $3,000 psychological level.
The market has seen a sharp 5–7% drop in some sessions, reflecting broader crypto market weakness.
Trading volume and market activity remain elevated (i.e. a lot of volatility and attention), suggesting many traders remain active even in downturns.
What’s Driving the Pressure
On-chain data shows long-term holders have reduced their supply (share down from ~8.5% to ~7.3%), which can signal caution among longer-term investors.
ETH recently rejected from the $3,030–$3,080 supply zone, showing sellers remain dominant — meaning rallies may struggle unless demand picks up.
Broader macro conditions (risk-off sentiment, uncertain global markets) and liquidity concerns have weighed on sentiment — a trend affecting many cryptocurrencies.
What Could Happen Next — Key Scenarios
ScenarioWhat could trigger itPossible ETH range / outcomeBearish continuationIf ETH drops below support at ~ $2,750–$2,800, lingering negative momentum and weak demand may push it toward $2,600. ~$2,600 or lowerSideways consolidationETH stabilizes between $2,800–$3,050, while long-term holders return or new buyers enter cautiously.Range-bound around current levelsRecovery / ReboundRenewed institutional demand, improved macro conditions, or positive network developments spark renewed confidence — enabling ETH to retest $3,200–$3,400+. #Ethereum #EarnFreeCrypto2024 #ETHETFsApproved #ETFvsBTC
