Ethereum Analysis: Facing Resistance in Its Journey to $3,000

Ethereum Price Movement and MTH Activity

Ethereum analysis reveals that the cryptocurrency's price recently encountered resistance in its pursuit of the $3,000 threshold. It has struggled to establish a solid support floor near $2,700, as unanticipated selling pressure emerged.

Easing Selling Pressure

However, this selling pressure appears to be waning. As Ethereum's exchange net position change has trended downwards this month, it signifies a reduction in selling activity. If the metric continues to move towards the neutral line, a potential bullish scenario may arise as buying may begin to outpace selling.

Market Response from Mid-Term Holders

Another important facet to consider in Ethereum analysis is the activity of mid-term holders (MTHs). These investors, who maintain their holdings for 1 to 12 months, moved approximately 700,000 ETH, valued over $1.7 billion, recently. Such movement underscores market uncertainty, suggesting that MTHs are responsive to price fluctuations.

Price Forecast and Support Levels

Currently, Ethereum's price stands at $2,538, aiming to reclaim support at $2,546, a critical level for potential gains toward $2,698. If selling pressure subsides, this target may be achievable. Overall indicators suggest a positive outlook despite volatility from mid-term holders, indicating that securing support at $2,698 is vital for Ethereum's journey to $3,000.