Ethereum (ETH) is trading firmly just below the $3,000 psychological barrier, demonstrating sustained stability after successfully reclaiming crucial support levels at $2,400 and $2,600.
Market dynamics reveal significantly reduced selling pressure, as exchange reserves plummeted to approximately 19.7 million ETH—marking a five-year low. This substantial supply decrease points to strong accumulation behavior among long-term holders.
Robust institutional demand continues to provide fundamental support, driven substantially by investment vehicles offering regulated ETH exposure. This persistent buying pressure positions Ethereum favorably for its next upward movement.
Technical indicators point toward a controlled, sustainable rally formation, with analysts identifying $3,400 and $4,000 as primary upside targets. The ongoing consolidation phase against tightening supply conditions potentially sets the stage for a significant breakout movement once ETH decisively surpasses $3,000.