Ethereum's price has been fluctuating under $2,800, stuck in a consolidation phase with failed attempts to break resistance levels. This has led to uncertainty among investors.
The network's Unrealized Profit/Loss indicates improving sentiment, as investors feel confident and hold onto their assets, reducing the risk of a sell-off. This sentiment could support Ethereum's price in the near term.
Despite optimistic NUPL signals, the Chaikin Money Flow indicator presents a bearish outlook due to recent capital outflows, suggesting increased selling pressure. Sustained declines in CMF may precede further price drops.
ETH is trading at $2,610, struggling against resistance around $2,700. This ongoing consolidation may persist until a shift in sentiment or capital inflows occurs.
For Ethereum to reach highs near $3,000, it needs to flip the $2,700 resistance into support and overcome additional barriers at $2,930.
