Ethereum Price Recovery Hits Roadblock Below $3000
The Ethereum price has been recovering over the past few days but still remains below $3000. This is in contrast to Bitcoin, which has reached $82,000 as institutional demand returns to the crypto market.
The divergence between the two assets becomes clearer when looking at the latest ETF flows, whale activity, and on-chain data. While traders are showing renewed buying interest in Ethereum, the underlying data does not confirm the broad demand required to sustain prices above $2500.
Ethereum's ETF inflows have been decreasing, with Bitcoin receiving nearly a billion dollars since the start of the month. This supports Bitcoin's price reclaiming $82,000 and suggests that institutional investors are favoring Bitcoin over Ethereum.
The on-chain data for Ethereum also shows signs of weakness. The daily active addresses have been decreasing since August 9th and remain below 500K this month. This suggests that the Ethereum network participation is not accelerating at the same pace as the price recovery.