Summary
TLDR: Ethereum price has declined after hitting a multi-month high, with long liquidations and bearish sentiment affecting the market. Long-term holders are losing confidence and may liquidate their positions, leading to a potential fallback to $3,000. However, a crucial support line at $3,031 could prevent excessive drawdown if Ethereum bounces back. Always conduct your own research and consult with a professional before making financial decisions.
Key Points
1. Ethereum price has declined after hitting a multi-month high last week, following broader market cues.
2. ETH holders are facing the challenge of holding on to their assets amidst bearish market conditions.
3. There is a possibility of Ethereum price further declining, with potential fallback to the $3,000 support level.