The Ethereum price has been under intense bearish pressure over the past few weeks, continuing in a downward spiral over the last seven-day period. This horrid run of form has persisted despite the recent launch of spot ETH ETFs. According to recent on-chain data, the price of the altcoin seems to be approaching a significant level. This recent price action begs the question — is the Ethereum price in make-or-break season? 1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance In a recent post on the X platform, market intelligence platform IntoTheBlock revealed that the price of Ethereum is currently on its way down to $3,000, which has proven to be a crucial support level in the past. The rationale behind this evaluation revolves around the average cost basis of several ETH investors. Related Reading: ‘Not All Hope Is Lost’: Crypto Analyst Weighs In On The Market’s Performance The above chart highlights the distribution of tokens around the current Ethereum price, according to data from IntoTheBlock. The size of the dots corresponds with the amount of tokens bough ..
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