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Weak demand from spot Ethereum ETFs, soft derivatives data, and macro fears have left Ether struggling to sustain $3,400 despite signs of steady onchain activity.
💡 DMK Insight
Ether’s inability to hold above $3,400 is a red flag for traders right now. Weak demand for spot Ethereum ETFs is a significant concern, especially when combined with soft derivatives data. This suggests that institutional interest might be waning, which could lead to further downward pressure. Onchain activity may appear steady, but if it doesn’t translate into price action, traders should be cautious. The $3,400 level is crucial; a sustained break below could trigger stop-loss orders and accelerate selling. Look for potential support around $3,300, but if macro fears persist, even that might not hold. Keep an eye on broader market sentiment and any news that could impact Ethereum’s positioning, especially related to regulatory developments or major market events. The real story is how these factors could ripple into related assets like Bitcoin, which often moves in tandem with Ethereum. If Bitcoin falters, expect Ether to follow suit.
📮 Takeaway
Watch for Ether to hold above $3,400; a drop below could signal further declines, with $3,300 as the next critical support level.
