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    Home - News - What’s Holding Ethereum (ETH) Back from Hitting $3,000?
    News

    What’s Holding Ethereum (ETH) Back from Hitting $3,000?

    Praveen JadhavBy Praveen JadhavJune 6, 20252 Mins Read
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    What’s Holding Ethereum (ETH) Back from Hitting $3,000?
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    Ethereum (ETH) has experienced a significant decline over the past week, dropping 6.94% at the time of writing. Despite being up more than 34% over the last 30 days, the recent downturn has raised concerns among investors. Market analysts believe that further upside in ETH’s price may be limited due to weak network activity, growing competition from other blockchain networks, and shifting investor sentiment.

    Several factors have contributed to Ethereum’s recent dip. Total value locked (TVL) on the Ethereum network—a key metric indicating the overall deposits and activity within its ecosystem—fell to 25.1 million ETH as of June 5. This represents a 17% decline compared to the previous month, signaling reduced user engagement and capital within its decentralized finance (DeFi) ecosystem.

    Major contributors to this decline include Sky (formerly MakerDAO), which saw its TVL drop by a sharp 48% to 2.1 million ETH, and Curve Finance, which declined by 24% to 1.1 million ETH. These drops highlight challenges in retaining liquidity and activity on the Ethereum network. Meanwhile, competing cryptocurrencies such as Bitcoin and Solana have shown relatively stronger performance, drawing investor attention away from Ethereum.

    As of June 5, the Ethereum futures premium has decreased to 5%, down from 6% the previous week. This decline indicates a slight reduction in leveraged long positions. Despite this drop, the premium remains within a neutral range, showing that the market is not overly bearish or bullish. Notably, the last time Ethereum futures traded above a 10% premium was in late January, highlighting a sustained hesitation for strong bullish conviction among investors.

    Moreover, Ethereum (ETH) started gaining momentum in early May following the launch of the Pectra update, which appears to have boosted investor confidence. At one point, ETH saw double-digit percentage growth on the daily charts. Additionally, institutional interest in ETH has increased, helping to establish strong support around the $2,500 mark. Despite a dip this week, investors seem to expect ETH’s price to continue rising in the weeks ahead.

    Although demand for ETH remains strong, particularly among institutions, current data indicates that a breakout above $3,000 is unlikely in the near term. Still, experts see the current dip as a potential buying opportunity. Based on our Ethereum price forecast, ETH is expected to reach $2,760 by the end of July 2025.

    Also Read: Top 5 Cryptocurrencies That Could Help You Quit Your Job By 2030

    Disclaimer

    The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.

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    Praveen Jadhav
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    Praveen got into the world of cryptocurrency in 2017 by trading and investing. With a wealth of experience managing various crypto-related projects, Praveen is deeply passionate about all aspects of cryptocurrency, blockchain, Metaverse, and NFTs.

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