Ethereum’s (ETH) price remains stuck below a critical resistance level, preventing a push toward $3,000. Hesitant investor sentiment is stalling the recovery.
Investor uncertainty is evident through the Net Unrealized Profit/Loss (NUPL) indicator nearing the Fear zone, reflecting declining optimism. This shift signals rising caution and potential price reversals, raising concerns about further declines.
The instability in Ethereum’s funding rate also underscores traders' uncertainty, fluctuating between positive and negative over the last two weeks. This highlights the lack of consistent confidence in Ethereum’s performance.
Combining the NUPL and unstable funding rate signals a growing sense of unease in the market. Ethereum faces significant resistance at $2,681, trading around $2,651, with a 30% decline observed in July. Past challenges have led to price consolidation.
However, if Ethereum closes above $2,681, it could trigger an upward move to $2,930, potentially reaching $3,000, invalidating the bearish outlook.
