Ethereum, the second-largest cryptocurrency by market cap, has regained the $3K level, creating buzz among investors. As ETH approaches $3.2K, on-chain data reveals that around 2 million addresses are holding ETH at a loss, making them ready to sell and potentially adding selling pressure.
The anticipated launch of an ETH ETF might prevent this by boosting price action due to increased money inflow. However, Ethereum still struggles to surpass the $3,200 resistance level.
Eth price saw a slight 0.20% dip, trading at $3,100.56, with peaks and troughs within $3,025.51 and $3,129.02. Despite the turbulent movement, broader market sentiments remain optimistic.
ETH Futures OI increased by 0.51% to $12.67 billion, while derivatives volume fell by 30.71% to $21.15 billion. The RSI hovers at 40, indicating neither overbought nor oversold conditions.
The potential ETF launch could counteract selling pressures, emphasizing Ethereum’s strategic significance in the long term.
