Ethereum is currently trading within a narrow $400 range, with the lower cap at $2,300 and the upper limit at $2,800. Despite investor optimism for price increases, the market remains uncertain.
At the $2,300 support level, over 52 million ETH have been acquired, revealing significant investment interest there, making it a pivotal point for defending against bearish momentum.
Overall sentiment is bearish, with over 65% of traders predicting struggles in the short term. A breakthrough above $2,800 is crucial for triggering demand and driving up prices.
Concerns are rising as the market capitalization for stablecoins like USDT and USDC has declined, potentially signaling reduced buying power and cautious investor action.
Currently, more ETH is being staked, with over 34 million ETH locked, earning holders an APY of 3.3%, highlighting the degree of market engagement by long-term investors.
