The price of Ethereum (ETH) has struggled to regain momentum since dropping below the $3,000 threshold on February 2. In the past month, ETH has declined by over 20%, indicating market weakness and uncertainty. Technical indicators show a lack of a clear trend, with both bullish and bearish pressures weakening. The supply of ETH on exchanges has reached its lowest level in six months, suggesting accumulation and reduced selling pressure. The weakening trend and declining Average Directional Index (ADX) indicate market indecision. The decrease in ETH held on exchanges signals a shift in investor behavior, potentially impacting price action. The decline in exchange supply is considered bullish as it implies confidence in holding rather than selling. However, the EMA lines on the Ethereum price chart still indicate a bearish structure, with short-term moving averages below long-term ones. If buying momentum strengthens, ETH may challenge resistance levels and potentially reverse the trend to the upside. Failure to establish an uptrend could lead to further bearish continuation.



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