The price of Ethereum has seen a slight recovery, climbing above $3,100 with a 2.3% increase in the past day. However, the overall trend remains bearish, with a 3.3% decline over the week. Analysts are examining Ethereum's on-chain metrics, particularly the decreasing reserves of the cryptocurrency on spot exchanges. This suggests that holders are withdrawing Ethereum for long-term storage, potentially leading to a supply shortage and upward pressure on prices. Some analysts, like Crypto Ceaser, believe that Ethereum is undervalued and may reach new all-time highs. However, others, like Anup Dhungana, point out a divergence in market behavior between Bitcoin and Ethereum, signaling reduced investor interest in Ethereum relative to other assets.



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