Ethereum Falls Below $3K Again Amid Mixed On-Chain Signals

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Ether price held $2,800 support amid ETF inflows and undervalued signals, but $3,000 resistance and Bank of Japan rate hike fears stopped the recovery.

Ether fell to $2,800 on Monday, failing to hold $3,000 as surging expectations of a Bank of Japan rate hike unnerved the market. Meanwhile, technicals and onchain data sent mixed signals on Ether’s ability to buck the downtrend. 

Ethereum price fell 5.5% on Monday, dropping below $3,000 again amid Bank of Japan rate-hike fears.

Bulls need a sustained break above $3,200 for a strong recovery, while breaching $2,800 would invalidate the macro bullish trend.

Ether’s MVRV Z-Score approaches the accumulation zone, signaling a local bottom forming. 

Ether’s price is sandwiched between two key levels
Ether’s 18% recovery from a $2,620 low reached on Nov. 21 was curtailed by selling around the $3,000 psychological barrier.

This “was a major support that has currently flipped to resistance,” said pseudonymous analyst ​​That Martini Guy ₿ in an X post on Friday.

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