Ethereum is still struggling to recover its price as it continuously fails to close above 3,000 USD. Although there have been moments of slight increases, ETH quickly decreases due to strong selling pressure.
Although price movements have not satisfied investors, network data indicates that fundamental factors are being strengthened, which may support future recovery.
Investors holding Ethereum have not sold yet.
Ethereum is leading major cryptocurrencies in terms of the number of wallets with balances. The network currently has over 167.9 million active addresses holding ETH. In comparison, Bitcoin has only about 57.62 million wallets. Other large-cap cryptocurrencies also lag far behind these two networks.
This dominance shows that Ethereum has a large and diverse user base with various applications. Activities such as decentralized finance, NFTs, and smart contracts continue to attract great interest from the community. The participation of many individuals reflects confidence, an important factor in maintaining the demand for ETH.
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Macroeconomic indicators are also showing positive signals. The amount of ETH held on centralized exchanges is steadily decreasing. Since the beginning of the month, approximately 397,495 ETH has been withdrawn from exchanges, helping to reduce the supply available for immediate sale.
The withdrawal of ETH from exchanges shows that many people are accumulating at the current price range. The total value of withdrawn ETH has reached over 1.17 billion USD, demonstrating the confidence of long-term investors. As the ETH balance on exchanges decreases, selling pressure diminishes, creating favorable conditions for price recovery if buying interest increases.
At the time of writing, Ethereum is trading around 2,946 USD and remains below the psychological level of 3,000 USD. In recent weeks, ETH has consistently found good support around 2,762 USD, indicating that buying pressure still emerges when prices drop, even though the market is not yet stable.
If positive trends continue, ETH may attempt to rise above the 3,000 USD mark once again. If successful, the price could target the 3,131 USD region. If the upward momentum continues, ETH could reach the 3,287 USD mark, reflecting confidence from both retail investors and large institutions.
However, if selling pressure increases significantly, the risks remain. If the price drops below 2,762 USD, the recovery scenario will weaken. Losing this support level could see ETH drop to 2,681 USD, creating a new low within four weeks and undermining positive arguments about network activity.
