Ethereum Drops Near $3,000, But On-Chain ‘Opportunity Zone’ Hints at Rebound

Ethereum price has faced sharp declines over the past few days, dropping to its lowest level in two months. ETH fell as market volatility increased and investor confidence weakened. Despite the downturn, historical patterns suggest the trend could reverse soon, offering a potential recovery path for the altcoin king. Ethereum Lands In The Opportunity Zone The MVRV Ratio is signaling a favorable setup for Ethereum. The metric sits at -13%, placing ETH firmly inside the opportunity zone between -12% and -22%. Historically, this range has marked points where losses reach saturation and selling pressure slows. Investors often view these levels as attractive entry points, supporting price rebounds. As Ethereum enters this zone again, conditions resemble previous periods where strong recoveries followed. Reduced selling incentive and renewed accumulation typically help ETH stabilize. Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. Ethereum MVRV Ratio. Source: Santiment Macro momentum indicators further strengthen the case for a rebound. Ethereum’s Net Unrealized Profit/Loss, or NUPL, is slipping below the 0.25 threshold. This zone reflects rising fear among holders, a sentiment born out of the rising unrealized losses among ETH investors. The last time this was seen, ETH bounced back into the Optimism zone. That shift marked a major reversal for the price. A similar move now would indicate that fear-driven conditions are nearing exhaustion. If NUPL follows its historical trajectory, Ethereum could see renewed confidence and upward momentum. Ethereum NUPL. Source: Glassnode ETH Price Could Bounce Back Ethereum trades at $3,094, holding above the critical $3,000 support level after its sharp decline. This marks the first time in two months the asset has fallen this low. Maintaining support will be essential in preventing deeper losses and setting the stage for a potential recovery. ETH is currently positioned below the $3,131 resistance level and is waiting for a catalyst to move higher. The supportive on-chain signals suggest that a push toward $3,287 is likely. If momentum strengthens, Ethereum could extend the rise and target $3,489 in the coming sessions. ETH Price Analysis. Source: TradingView If bearish pressure increases, Ethereum could break below $3,000 and invalidate the current bullish outlook. A fall through support may expose ETH to a decline toward $2,814 as selling intensifies. This scenario would reflect broader weakness and delay any major recovery attempt. The post Ethereum Drops Near $3,000, But On-Chain ‘Opportunity Zone’ Hints at Rebound appeared first on BeInCrypto.