Two Reasons Why Ethereum’s Rally Is on Hold This August

Over the past two weeks, the broader crypto market has shown lackluster performance, keeping Ethereum within a tight trading range. Since July 21, the altcoin has repeatedly tested resistance near $3,859 while finding support at $3,524, struggling to break clear of this zone. With momentum fading, key on-chain metrics now suggest that ETH may face an extended period of sideways consolidation or a potential price breakdown. Ethereum’s Big Players Step Back According to CryptoQuant’s data, ETH’s falling estimated leverage ratio (ELR) across all cryptocurrency exchanges reflects waning investor confidence and a declining appetite for risk among its futures traders source: https://beincrypto.com/why-eth-price-rally-is-on-hold/