Why can’t Ethereum hold $3K? ETH recovery in doubt as data tilts bearish

Ethereum price wobbled as weak onchain activity, low futures demand and aggressive selling by holders favored a potential ETH price drop to $2,300.

Ether (ETH) has oscillated around $3,000 for the past three weeks, a consolidation period following its flash crash to $2,620 on Nov. 21. Ether traders are now questioning the likelihood of a further correction if support at $2,800 is lost.

Key takeaways:

Ether slid below $3,000 again due to a lack of futures demand and aggressive selling by long-term holders. 

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