High
Ethereum price dropped below $3,000 again due to macro fears (bank of japan rate hike). on-chain data presents mixed signals, with strong support at $2,800 but significant resistance at $3,000 and above.
High
The analysis is well-supported by multiple on-chain metrics (mvrv z-score, network fees, active addresses, etf flows from sosovalue, glassnode, nansen, capriole investments) and insights from named analysts on x (that martini guy ₿, daan crypto trades).
Neutral
While etf inflows and the mvrv z-score nearing the accumulation zone signal a potential local bottom and bullish long-term sentiment, strong resistance at $3,000 and $3,200, coupled with declining network fees and broader market jitters, create immediate downward pressure. the price is currently range-bound between $2,800 support and $3,000-$3,200 resistance, indicating a tug-of-war between bulls and bears.