Ethereum continues to struggle with price recovery, as the coin has failed to close above the $3,000 mark despite several attempts. ETH has made brief attempts to rise but always retreats under selling pressure.
Although price development frustrates investors, the underlying metrics of the network indicate strengthening fundamentals that could support future recovery.
Ethereum investors remain
Ethereum leads all major cryptocurrencies in the number of active wallets. There are over 167,9 million active addresses with balances on the network. In comparison, Bitcoin has about 57,62 million. Other major assets lag far behind these networks.
This dominance highlights Ethereum's broad user base and diverse use cases. Decentralized finance, NFTs, and smart contracts sustain activity. Strong participation reflects confidence, which plays an important role in maintaining demand.
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Macroeconomic indicators also support a constructive outlook. Ethereum balances on centralized exchanges have steadily declined. Since the beginning of the month, approximately 397 495 ETH has been withdrawn from exchanges, reducing immediate selling pressure.
These outflows suggest accumulation at current price levels. The value of the withdrawn ETH is over $1.17 billion, indicating confidence from long-term investors. Lower exchange balances often precede a decrease in selling pressure, which could support a price recovery as demand increases.
Ethereum is currently trading around $2,946, which is below the psychological $3,000 mark. The asset has repeatedly bounced from the $2,762 support zone in recent weeks. This behavior indicates that buyers are defending lower levels despite volatility.
If supportive trends continue, ETH may attempt to break above the $3,000 level again. A successful move could open the path towards $3,131. If sentiment remains strong, the rise could continue up to $3,287, indicating improved confidence among both retail investors and institutions.
However, there are risks if selling pressure intensifies. A drop below $2,762 would weaken the recovery narrative. Losing this support could take Ethereum down to the $2,681 level, which would mark a four-week low and invalidate the bullish argument based on improving on-chain data.
