Ethereum continues to struggle in price recovery, repeatedly failing to close above the $3,000 mark. ETH showed slight upward attempts, only to then retrace due to selling pressure.
While the price movement remains frustrating for those holding the token, the network’s underlying data points to strengthening fundamentals that could support a possible future recovery.
Ethereum leads all major cryptocurrencies in terms of the number of non-empty wallets. The network hosts more than 167.9 million active addresses with balances. Bitcoin, in comparison, has around 57.62 million. Other large-cap assets follow at a considerable distance from both networks.
This dominance highlights Ethereum’s large user base and variety of use cases. Decentralized finance, NFTs and smart contract activity continue to fuel engagement. Strong participation reflects trust, an element that plays a fundamental role in supporting demand.
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Macro indicators also support a constructive view. Ethereum balances on centralized exchanges have been steadily decreasing. Since the start of the month, approximately 397,495 ETH has been withdrawn from exchanges, reducing the immediate sell-side supply.
These outflows suggest accumulation at current price levels. The withdrawn ETH is worth over $1.17 billion, signaling confidence among long-term investors. Lower balances on exchanges often precede less selling pressure, which can help prices recover when demand strengthens.
Ethereum trades around $2,946 at the time of writing, remaining below the psychological $3,000 level. The asset has repeatedly bounced from the support zone at $2,762 in recent weeks. This behavior indicates that buyers are defending the lower levels despite the overall uncertainty.
If support trends continue, ETH could attempt another breakout above $3,000. If the move is successful, it could open the way towards $3,131. Persistent momentum could then extend gains towards $3,287, signaling growing confidence among retail and institutional investors.
Risks remain should selling pressure intensify. A break below $2,762 would weaken the recovery narrative. The loss of this support could take Ethereum towards $2,681, marking the low of the last four weeks and invalidating the bullish thesis outlined by the improvement in on-chain indicators.
Read the original story Ethereum Outperforms Bitcoin Even as Price Stuck Below $3,000 by Aaryamann Shrivastava at it.beincrypto.com
