💰Ethereum failed to maintain $3k again: the market pressures, on-chain signals flash for the bulls
The market tests the nerves of ETH holders once again: fearing the increase in the Bank of Japan's interest rate, the price dropped to $2.8k, and the attempt to recover $3k failed. Meanwhile, on-chain and ETFs show a "cheap and interesting" scenario — but with caveats.
➡️ The range where the trend is decided
🟡 After the local bottom at $2.62k on November 21, ETH rose ~18%, but hit the psychological barrier of $3k
🟡 The $3k zone is an old support that has now turned resistance + 50 and 100-week averages converge there
🟡 Above this is the cluster of $3.15–3.23k, where ~5.1m ETH were bought, then $3.35k and the $4k region
🟡 Below, the key support is $2.8–2.85k: ~3.6m ETH are there — and it is this zone that the bulls defend
➡️ Macro: Japan scares off risk appetite
🟡 The market prices in a higher chance of an interest rate increase by the Bank of Japan — bad for risk assets
🟡 The drop of ~5.5% in ETH seems part of a "risk-off" movement, not an isolated event
🟡 To reverse strongly, the bulls need relief in the macro environment, in addition to a technical bounce
💦ETF and on-chain: "cheap, but with weak demand"
💦 Spot Ethereum ETFs in the US had ~$312m in weekly inflows
💦 Global ETPs added another ~$309m
💦 ETH network fees dropped 54% to ~$2.68m — a sign of weak activity
💦 Solana increased slightly, Tron remained stable
💦 Active L1 addresses rose ~20%, transactions +4%
💦 MVRV Z-Score: accumulation signal
Approaching the "historical green accumulation zone" — ~0.30
💦 Last time, it coincided with a local bottom and rally to the ATH of ~$4.95k #Binanceholdermmt
The market tests the nerves of ETH holders once again: fearing the increase in the Bank of Japan's interest rate, the price dropped to $2.8k, and the attempt to recover $3k failed. Meanwhile, on-chain and ETFs show a "cheap and interesting" scenario — but with caveats.
➡️ The range where the trend is decided
🟡 After the local bottom at $2.62k on November 21, ETH rose ~18%, but hit the psychological barrier of $3k
🟡 The $3k zone is an old support that has now turned resistance + 50 and 100-week averages converge there
🟡 Above this is the cluster of $3.15–3.23k, where ~5.1m ETH were bought, then $3.35k and the $4k region
🟡 Below, the key support is $2.8–2.85k: ~3.6m ETH are there — and it is this zone that the bulls defend
➡️ Macro: Japan scares off risk appetite
🟡 The market prices in a higher chance of an interest rate increase by the Bank of Japan — bad for risk assets
🟡 The drop of ~5.5% in ETH seems part of a "risk-off" movement, not an isolated event
🟡 To reverse strongly, the bulls need relief in the macro environment, in addition to a technical bounce
💦ETF and on-chain: "cheap, but with weak demand"
💦 Spot Ethereum ETFs in the US had ~$312m in weekly inflows
💦 Global ETPs added another ~$309m
💦 ETH network fees dropped 54% to ~$2.68m — a sign of weak activity
💦 Solana increased slightly, Tron remained stable
💦 Active L1 addresses rose ~20%, transactions +4%
💦 MVRV Z-Score: accumulation signal
Approaching the "historical green accumulation zone" — ~0.30
💦 Last time, it coincided with a local bottom and rally to the ATH of ~$4.95k #Binanceholdermmt
