ETH is weakening below the 3,500 USD range, losing momentum after failing to hold the 4,000 USD mark in July. On-chain data and technical indicators show increasing selling pressure:
The cumulative rate of ETH holders has dropped to 27.57% – the lowest in 2 months, indicating that the buying inflow is withdrawing.
The Elder-Ray indicator has turned red for three consecutive sessions, confirming that the sellers are in control of the market.
If the support level of 3,067 USD cannot be maintained, ETH could drop deeply to 2,745 USD.
On the contrary, if it breaks 3,524 USD, ETH could recover to the 3,859 USD range – but strong new inflows are needed to confirm.
➡️ Conclusion: Market sentiment is cautious, and technical selling pressure may push ETH to lower price levels if new buying interest does not emerge.