Summary
TLDR: Ethereum price has been declining and is expected to continue dropping as it reaches a market top, with over 96% of the supply in profits. Selling pressure on exchanges could further push the price down towards $3,000 and potentially below. If it bounces back from $3,031, there is a chance for recovery. Always conduct your own research before making financial decisions.
Key Points
1. Ethereum (ETH) price is trading under two crucial support levels after consistent declines over the past week. The bearishness is expected to intensify as ETH is experiencing a market top.
2. Ethereum’s price nearly recovered $3,500 as a support floor before failing, leading to profits for cryptocurrency investors. Over 96% of the entire supply is currently in profits, indicating a market top and potential for further drawdown.
3. ETH has been consistently selling, with the supply on exchanges increasing in recent months. Selling among investors has resulted in over 2.31 million ETH worth over $7.6 billion entering exchanges, making it difficult for Ethereum price to recover and potentially pushing it further downward.