CandleFocus

Ethereum’s Price Stagnates Below $3,500, Though a Rebound Could Be Close

Author: Content Editor
The price of Ethereum (ETH) has been trading below $3,500 for seven days, reflecting the bearish sentiment in the overall cryptocurrency market. Despite the price decline, key on-chain metrics indicate that Ethereum holders remain optimistic about the coin's future prospects. One such metric is the rising estimated leverage ratio (ELR), which has increased by 20% over the past month despite a 15% drop in price. The climbing ELR suggests that traders are willing to take on more risk and have strong conviction that ETH will rebound. Additionally, the amount of ETH held in exchange wallets has decreased, indicating reduced selling pressure. If market sentiment improves and accumulation of ETH picks up, the price could rise to $3,563. However, if the market continues to decline, ETH may test the support level at $3,186 and potentially drop to $2,945.

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