Ethereum Price Under Pressure: Here’s Why $3,000 Is A Critical Level

Share This Post

The Ethereum price has been under intense bearish pressure over the past few weeks, continuing in a downward spiral over the last seven-day period. This horrid run of form has persisted despite the recent launch of spot ETH ETFs.

According to recent on-chain data, the price of the altcoin seems to be approaching a significant level. This recent price action begs the question — is the Ethereum price in make-or-break season?

1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance

In a recent post on the X platform, market intelligence platform IntoTheBlock revealed that the price of Ethereum is currently on its way down to $3,000, which has proven to be a crucial support level in the past. The rationale behind this evaluation revolves around the average cost basis of several ETH investors.

Ethereum price

The above chart highlights the distribution of tokens around the current Ethereum price, according to data from IntoTheBlock. The size of the dots corresponds with the amount of tokens bought within a price range while reflecting the significance and strength of each level.

As shown in the chart, there seems to be increased buying activity whenever the ETH price approaches the $2,913 – $3,000 zone, indicating the importance of the price range. Based on recent data from IntoTheBlock, more than 1.7 million addresses acquired ETH tokens in the price region just below $3,000. 

Consequently, the level of buying activity has led to the formation of critical support within this price bracket. IntoTheBlock noted in their post on X: 

As $ETH dips below, will we witness a surge in demand?

Most investors are likely to defend their cost basis by purchasing more tokens should the Ethereum price fall to the $3,000 range. Meanwhile, fresh investors might look to acquire tokens at this level as it has been a historical turnaround point for the price of ETH.

On the flip side, if the $3,000 price range fails to hold, then investors might see the “king of altcoins” continue its downturn to as low as $2,800. Considering the relatively lesser strength of this next support, the Ethereum price could fall further down to $2,600.

Ethereum Price At A Glance

As of this writing, the price of ETH stands at around $2,988, reflecting an almost 7% decline in the last 24 hours. This past-day performance underscores the cryptocurrency’s woes in the past week. According to data from CoinGecko, Ethereum is down by 9% in the last seven days.

Ethereum Price

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto News Today, 14th March : Pi Network Price , XRP News

The post Crypto News Today, 14th March : Pi Network Price , XRP News appeared first on Coinpedia Fintech News March 14, 2025 05:51:20 UTC US Court Approves Three Arrows Capital’s Expanded $153B

De-Dollarization Push: African Payment Provider Tests Platform to Facilitate Local Currency Trade

An African payment infrastructure provider is piloting the Africa Currency Marketplace, which seeks to enable countries to settle trades with local currencies PAPSS Fees to Be Market-Driven The

Why Ethereum Price is Down? When Will ETH Price Bounce Back

The post Why Ethereum Price is Down When Will ETH Price Bounce Back appeared first on Coinpedia Fintech News As Bitcoin (BTC) price attempts to mirror gold’s parabolic move, Ethereum (ETH) price

Bitcoin And S&P Decline Together, But Data Predicts A Turnaround

Bitcoin is not the only one that has suffered Investors are becoming concerned as the flagship cryptocurrency has followed the recent decline in the S&P 500 But if past performance is any

Cardano (ADA) Price Prediction for March 14

The post Cardano (ADA) Price Prediction for March 14 appeared first on Coinpedia Fintech News ADA, the native token of the Cardano blockchain, seems to be facing strong resistance from the 200

Telegram Wallet Adds Crypto Trading and Yield Features for Over 100 Million Users

Telegram’s self-custodial wallet, built on the TON blockchain, now supports trading and earning features, expanding access to crypto for its more than 100 million users The update enhances