Summary
- Ethereum price has been in a downward spiral despite the recent launch of spot ETH ETFs.
- On-chain data suggests Ethereum price is approaching a critical level around $3,000.
- More than 1.7 million addresses purchased ETH at $3,000 creating strong support.
- If $3,000 level fails to hold, price could drop further to $2,800 or even $2,600.