Ethereum’s price struggles to break a two-month downtrend, facing weak investor support and declining profit levels for holders. The MVRV Long/Short Difference indicates fragile investor sentiment, with short-term profits potentially dominating. Active addresses on the network hit a seven-month low, signaling reduced engagement and confidence. ETH is trading at $2,929, with a potential retest of the $2,762 support level looming. Reclaiming $3,000 is crucial for a bullish breakout towards $3,131. Without renewed demand, Ethereum may struggle to regain momentum in the short term.

Read more at Yahoo Finance: Ethereum Price Drops Below $3,000 Amid Declining Holder Conviction