Ethereum Price Loses $3k Again As Onchain Data Sends Mixed Signals

Ether price held $2,800 support amid ETF inflows and undervalued signals, but $3,000 resistance and Bank of Japan rate hike fears stopped the recovery.

Ether (ETH) fell to $2,800 on Monday, failing to hold $3,000 as surging expectations of a Bank of Japan rate hike unnerved the market. Meanwhile, technicals and onchain data sent mixed signals on Ether’s ability to buck the downtrend.

Ethereum price fell 5.5% on Monday, dropping below $3,000 again amid Bank of Japan rate-hike fears.

Bulls need a sustained break above $3,200 for a strong recovery, while breaching $2,800 would invalidate the macro bullish trend.

Ether’s MVRV Z-Score approaches the accumulation zone, signaling a local bottom forming.

Ether’s 18% recovery from a $2,620 low reached on Nov. 21 was curtailed by selling around the $3,000 psychological barrier.

This “was a major support that has currently flipped to resistance,” said pseudonymous analyst ​​That Martini Guy ₿ in an X post on Friday.

Related: ETH may reclaim $3.2K soon, based on low stablecoin yields: Santiment

Note that this is where the 50-week (yellow wave) and the 100-week (blue wave) moving averages appear to converge (see chart below), reinforcing the significance of this level.

“If $ETH breaks above this level and stays there, we should see the price rally back into the mid $ 3000’s throughout December!” That Martini Guy ₿ added.

Source: CoinTelegraph