Ethereum Faces Potential Pullback Below $3,000 Amid Declining Accumulation and Bearish Momentum

Key Points

1. Ethereum’s Holder Accumulation Ratio has dropped to 27.57%, a two-month low, signaling reduced buying activity and potential bearish price action.

2. The Elder-Ray Index shows increasing bearish pressure with expanding red histogram bars, currently at -342.73, confirming dominant sell pressure.

3. ETH faces resistance at $3,524 and critical support levels at $3,067 and $2,745, with weak accumulation and selling pressure preventing upward movement.

4. A reversal in price momentum would require renewed buying interest to break above the $3,524 resistance, potentially targeting $3,859.

5. The declining Holder Accumulation Ratio reflects reduced investor confidence, contributing to Ethereum's struggle to overcome resistance levels.