🚨 $ETH has moved back above $3,000 after bouncing from the $2,600 area. The rebound is noticeable, but what matters more is what happened during the drop. And guys you know that the price didn’t fall into panic. It found buyers and they showed up early.
A lot of that buying came from larger holders not just tiny wallets. Wallets holding tens of thousands of ETH were adding while price was weak, while smaller wallets were trimming exposure. That pattern has been in place for months. It usually points to coins changing hands rather than short-term speculation heating up.
$ETH supply on exchanges is also shrinking, that's also something which is important. Fewer coins are sitting on trading platforms, which means there’s less ETH ready to be sold quickly. That doesn’t guarantee higher prices, but it does make it harder for sell pressure to overwhelm the market when price starts to move.
And on the Ethereum network side activity has been picking up again. More active addresses on Ethereum chain, more transactions and more new wallets being created. It’s not explosive growth, just steady usage returning...
But in such difficult situation of the whole market, that minor Network data adds big impact by the way. 😉
Upcoming scaling changes in January add to that backdrop, even if they aren’t fully reflected in price yet.
From a chart perspective, the next test sits around $3,100 to $3,200. That area has rejected $ETH before. If ETH holds above $3,000 it means the structure is still healthy and we might se some good upward momentum, Getting through resistance is what would shift the trend higher.
Right now ETH looks stable. If we say so, and honestly there has been some panic around but overall if we connect the dots... #ETH was never out of the sight 💪🏻
