Ethereum faces difficulties in maintaining the $3.4k level and leadership criticism.
Ethereum Prices and Market Outlook
Ethereum has recently struggled to secure the $3.4k support level. Data suggests a potential drop below $3k in the near future. The 3-month liquidation heatmap highlights a high probability of moving to $2,850, with liquidity pockets at $3,460 and $3,800. The magnetic zone around and below $3k implies a downward move is the most likely outcome in coming days.
Ethereum Leadership Criticism
The leadership of Ethereum has faced criticism for perceived inefficiencies and lack of clear direction. An informal poll showed that 97% of respondents supported Danny Ryan to head the Ethereum Foundation. Vitalik Buterin, the co-founder of Ethereum, clarified that he alone decides on the leadership changes within the foundation.
Long-Term Investor Confidence
Analysis of long-term metrics shows that long-term holders remain confident in ETH, despite recent declines. The $3.4k-$3.5k range acted as a support zone in June and July 2024 but has flipped to resistance. The Relative Strength Index (RSI) agrees with the bearish structure, showing a reading below 50, and the On-Balance Volume (OBV) hovers around a support level from November and December, indicating buyer weakness.
Despite long-term investor confidence, Ethereum continues to face market and leadership challenges, with its future price remaining uncertain.
