The price of Ethereum (ETH) is currently under downward pressure and may decline below $3,000. This is due to a decrease in activity from large investors, as evidenced by a significant drop in the netflow of ETH's whale addresses. This indicates a lack of confidence in the asset's short-term prospects and can lead to potential price declines as these investors move their funds elsewhere. Additionally, ETH's Taker-Buy-Sell ratio has been predominantly below one, indicating selloffs among derivatives traders and bearish sentiment. The Moving Average Convergence Divergence (MACD) indicator also confirms the drop in demand for ETH, further supporting the possibility of a price decline. However, if market sentiment improves and whale accumulation resumes, the price of ETH could move towards $3,415.



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