Ethereum’s price declined by approximately 2.8% over the past 24 hours, reaching near $2,918. During the same period, the overall crypto market saw only a slight decrease of 0.12%. This drop in Ethereum has extended its bearish trend over the past seven and thirty days, with declines of 7.1% and 7.9%, respectively. A key factor behind this weakness is the outflow of $224.8 million from the Spot Ethereum ETF, indicating reduced institutional investment. Additionally, total cryptocurrency liquidations have reached $582 million, with 84% of positions being long. Ethereum played a significant role in these liquidations, as $200 million worth of long-term positions were forcibly closed.
Technically, Ethereum failed to maintain the psychological $3,000 level and is now trading below all major moving averages. The 50-day and 200-day EMAs are acting as resistance at $3,261.5 and $3,434.1, respectively, while short-term averages also limit recovery attempts. On-chain data reveals a 45% monthly decline in network fees and a 14% weekly drop in active addresses. Long-term holders have distributed 847,000 Ethereum in the last 30 days, marking the largest reduction since early 2021.
Overall, Ethereum’s short-term performance depends on whether it can stabilize near the 200-week EMA at around $2,716. Falling below this level could lead to further declines toward $2,300. Conversely, breaking through the resistance zone between $3,200 and $3,260 could restore market confidence; otherwise, the weak trend is likely to persist. As the world’s second-largest cryptocurrency known for its smart contract technology, Ethereum holds a vital position in the digital financial ecosystem. However, ongoing global economic uncertainty and increased market volatility continue to drive price fluctuations, urging investors to exercise caution.
Source: binance
