{"id":632929,"date":"2024-08-03T14:00:05","date_gmt":"2024-08-03T14:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=632929"},"modified":"2024-08-03T09:31:16","modified_gmt":"2024-08-03T09:31:16","slug":"ethereum-price-under-pressure-heres-why-3000-is-a-critical-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\/","title":{"rendered":"Ethereum Price Under Pressure: Here’s Why $3,000 Is A Critical Level"},"content":{"rendered":"

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.<\/span><\/p>\n

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 \u2014 is the Ethereum price in make-or-break season<\/a>?<\/span><\/p>\n

1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance<\/span><\/h2>\n

In a recent post on the X platform, market intelligence platform IntoTheBlock revealed<\/a> 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.<\/span><\/p>\n

Related Reading: \u2018Not All Hope Is Lost\u2019: Crypto Analyst Weighs In On The Market\u2019s Performance<\/a><\/div>\n
\"Ethereum
Chart showing the BTC distribution in and out of the money | Source: IntoTheBlock\/X<\/a><\/figcaption><\/figure>\n

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.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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:\u00a0 <\/span><\/p>\n

As $ETH dips below, will we witness a surge in demand?<\/span><\/p><\/blockquote>\n

Most investors are likely to defend their cost basis<\/a> 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.<\/span><\/p>\n

On the flip side, if the $3,000 price range fails to hold, then investors might see the \u201cking of altcoins\u201d 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.<\/span><\/p>\n

Ethereum Price At A Glance<\/span><\/h2>\n

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\u2019s woes<\/a> in the past week. According to data from CoinGecko, Ethereum is down by 9% in the last seven days.<\/span><\/p>\n

Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst<\/a><\/div>\n
\"Ethereum
Ethereum price hovers around $3,000 on the daily timeframe | Source: ETHUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

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 \u2014 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. Related Reading: \u2018Not All Hope Is Lost\u2019: Crypto Analyst Weighs In On The Market\u2019s Performance 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.\u00a0 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:\u00a0 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 \u201cking of altcoins\u201d 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\u2019s woes in the past week. According to data from CoinGecko, Ethereum is down by 9% in the last seven days. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":549271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,16163,1946,6931,78803,79112],"class_list":["post-632929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-price","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-intotheblock"],"acf":[],"yoast_head":"\nEthereum Price Under Pressure: Watch Out For $3,000<\/title>\n<meta name=\"description\" content=\"The Ethereum price has been under intense pressure over the past few weeks, continuing in a downward spiral over the last seven-day period.\" \/>\n<meta name=\"robots\" content=\"index, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Price Under Pressure: Here’s Why $3,000 Is A Critical Level","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth price","ethereum","ethereum price","ethusdt","intotheblock"],"dateCreated":"2024-08-03T14:00:05Z","datePublished":"2024-08-03T14:00:05Z","dateModified":"2024-08-03T14:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Price Under Pressure: Here’s Why $3,000 Is A Critical Level\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/istockphoto-624206236-612x612-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth price\",\"ethereum\",\"ethereum price\",\"ethusdt\",\"intotheblock\"],\"dateCreated\":\"2024-08-03T14:00:05Z\",\"datePublished\":\"2024-08-03T14:00:05Z\",\"dateModified\":\"2024-08-03T14:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632929"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=632929"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549271"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=632929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=632929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=632929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}