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Ethereum continued to face difficulties in recovering the price as it repeatedly failed to close above the $3,000 level. ETH showed brief bullish attempts, but retreated under selling pressure.
As price action continues to trouble holders, the grid’s fundamental data has pointed to strengthening fundamentals that may support a future recovery.
Ethereum holders continue to hold
Ethereum surpasses all major cryptocurrencies in the number of non-empty wallets. The network has hosted more than 167.9 million active addresses that maintain balances. For comparison, Bitcoin has about 57.62 million. Other high-cap assets were significantly lagged by both networks.
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This proved It controls a large user base for Ethereum And many use cases. DeFi, non-fungible tokens and smart contract activities continued to drive engagement. This strong participation reflects the confidence that plays a crucial role in maintaining demand.
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Macro indicators have confirmed a constructive outlook, as Ethereum balances on centralized exchanges continuously decrease. Since the beginning of the month, approximately 397,495 ETH have been withdrawn from exchanges, reducing the abundance of selling spot supply.
These flows indicate consolidation at current price levels. reached the value ETH withdrawn More than $1.17 billion, indicating long-term investor confidence. Low balances on exchanges often precede a decrease in selling pressure, which can support a price recovery when demand is strong.
The ETH price may cross a critical barrier
Ethereum is trading near the $2,946 level at the time of writing, while remaining below the psychological barrier of $3,000. The asset has bounced steadily from the $2,762 support area in recent weeks. This behavior indicated that buyers are defending lower levels despite wider uncertainty.
If the support trends continue, ETH may test a new breakout above $3,000. If this move is achieved successfully, the path towards $3,131 can be opened. Continued momentum could extend gains towards $3,287, indicating increased confidence among retail and institutional participants.
Risks persist if selling pressure intensifies. A drop below $2,762 will weaken the recovery narrative. If this support is lost, Ethereum can reach the level of $2,681, which constitutes a four-week minimum and invalidates the bullish hypothesis that was proposed based on the improvement of the indicators on the chain.
