Ethereum recordings plummet at the low point. Is there a fall below $ 2,000?

Ethereum (ETH) is not doing so well. For weeks the digital currency has had a hard time and loses the site compared to Bitcoin (BTC). According to recent data from Blockchain Analysis Platform Glassnode, more bad news is added. For example, the number of Ethereum recordings has dropped to the lowest level in seven months. Will the course fall further?

Ready for sale

And why is that bad news now? Well, if investors no longer take their ETH to their own wallets or cold storage, then they prefer to keep it liquid, ready to sell quickly if needed. That shows that they have little faith in an increasing course.

At the same time, we see a striking increase in the number of ETH deposits at fairs, no less than 10% since the beginning of March. So more coins find their way from cold storage to exchanges. That is a clear sign of increasing sales pressure. Investors actively bring their coins to trading platforms, often with the intention to put them for sale.

ETH race expectations

In the short term, the prospects for ETH don’t look rosy. Although we recently managed to break out above the important resistance level of $ 2,000, that momentum seems to fade again. If the sales pressure persists and the confidence among investors further decreases, there is a good chance that we will break down that limit again soon.

However, there is a bright spot. Many investors look at the upcoming Pectra upgrade with great expectations. According to analyst Marcel Pechman from Cointelegraph, there are three key factors that determine whether Ethereum can ultimately rise to the direction of $ 2,500 in the medium term. That is about 23% above the current level, not an impossible jump, but one that requires trust and improvement.

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